23 Dec 2019 / by Regina Capital Development Corporation

FREE PSE Stock Market Outlook (23 Dec 2019)

See our partner brokers’ expected short-term movement of the Philippine Stock Exchange index (PSEi). This report primarily relies on Technical Analysis and may be useful only to short-term traders. Long-term investors should note that the information is short-term in nature and may not necessarily impact their long-term strategy. Learn how you can use this report in this PinoyInvestor guide.

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Our Partner Broker’s Analysis and Opinion

Opinion Issued on	Support	Resistance
23 Dec 2019	7609.61 / 7545.52	7819.22 / 7882.60

The PSE index threatened to wipe out its year-to-date (YTD) gains last Friday, having dropped to as low as 7,469.41 but was still able to soar by more than 100 points by market close. As such, the PSEi gained 119.18 points (+1.56%), settling higher at 7,773.12.

Only the Industrials (-1.38%) closed in the red while the Holdings (+2.57%), Financials (+1.72%), and Mining/Oil (+1.36%) led the gainers.

Despite the sudden uptick, indicators remained mostly on the selling side and both the RSI and DMIs are still gaining momentum. The MACD, on the other hand, is neutral.

Summary of Technical Indicators:

MACD – Neutral
DMI – Increasing selling pressure
RSI – On selling territories with upward bias

Our Partner Broker’s Recommendation

Buy on pullbacks.

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