PSE Market Outlook (25 Jan 2023) by Regina Capital Development Corp.
Note, however, that yesterday’s candlestick looks bearish.
Note, however, that yesterday’s candlestick looks bearish.
Participants might be on a wait-and-see mode following prior session’s performance, as most might seize on the latest strength to cash-out.
URC has been on an uptrend since early October 2022. The stock recently hit its 52-week high and resistance at
MPI’s share price rallied by more than 10% after its downtrend line formed since October 2021 was broken.
Breakout of range.
Previous resistance is a potential support.
Continued momentum is seen, as the PSEi tests scoring near the 7,200 mark.
Potential bounce at 200EMA trail.
Positive Momentum indicator.
Price above 200EMA.
Potential formation of an ascending triangle pattern.
JFC finished three sessions in the red, pulling back after its rally the previous week.
Again, the index is still flirting with the overbought region, so we can’t consider this a correction just yet.
The PSEi rallied for the fifth straight week complemented by strong volume and net foreign buying.
Movements might stay range-bound for now, pending clear catalysts from the Fed’s next move on its widely-tracked interest rate.
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