{"id":325517,"date":"2023-10-31T05:04:00","date_gmt":"2023-10-30T21:04:00","guid":{"rendered":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/?p=325517"},"modified":"2023-10-31T10:11:30","modified_gmt":"2023-10-31T02:11:30","slug":"pse-market-outlook-31-oct-2023-by-first-metro-securities","status":"publish","type":"post","link":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/pse-market-outlook-31-oct-2023-by-first-metro-securities\/","title":{"rendered":"PSE Market Outlook (31 Oct 2023) by First Metro Securities"},"content":{"rendered":"
\n
\"\"<\/figure><\/div>\n\n\n
<\/div>\n\n\n\n

Today\u2019s PSEi Outlook<\/h2>\n\n\n\n
Outlook on<\/strong><\/td>Philippine Stock Exchange index (PSEi)<\/td><\/tr>
Broker<\/strong><\/td>First Metro Securities<\/td><\/tr>
Opinion Issued on<\/strong><\/td>31 Oct 2023<\/td><\/tr>
PSEi Support<\/strong><\/td>5,700 \/ 5,400<\/td><\/tr>
PSEi Resistance<\/strong><\/td>6,000 \/ 6,200<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
<\/div>\n\n\n\n

The PSEi dropped by -2.95% w-o-w, hitting a year-to-date low at 5,961.99. The local bourse traded mostly in the red, breaking below the 6,000 support level. <\/p>\n\n\n\n

The benchmark index traded below key moving averages (50- day, 100-day, and 200-day) with MACD below zero and signal line \u2014 indicating that sentiment remains to be bearish. Nevertheless, PSEi is hovering near oversold levels with RSI at 30.77, thus, there is a potential for the market to rebound. <\/p>\n\n\n\n

If the PSEi recovers, it can retest previous support-turned-resistance at 6,200 to 6,400. Otherwise, if the downtrend continues, it can retrace towards next support levels around 5,700 and 5,400.<\/p>\n\n\n\n

<\/div>\n\n\n\n

Recommendation<\/h2>\n\n\n\n

Continue to buy in tranches around identified support areas (5,700 and 5,400, and 4,500) should the market revisit lower levels. <\/p>\n\n\n\n

Allocate some buying power to take advantage of offshoots in the market’s bearish stance.<\/p>\n\n\n\n

<\/div>\n\n\n\n

This report is prepared by PinoyInvestor\u2019s partner broker below. Find out more about our partner brokers<\/a> and sign up to avail their complete trading brokerage services.<\/em><\/em><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

If the PSEi recovers, it can retest previous support-turned-resistance at 6,200 to 6,400.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-325517","post","type-post","status-publish","format-standard","hentry","category-market-outlook","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-33"],"_links":{"self":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/325517","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/comments?post=325517"}],"version-history":[{"count":1,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/325517\/revisions"}],"predecessor-version":[{"id":325520,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/325517\/revisions\/325520"}],"wp:attachment":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/media?parent=325517"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/categories?post=325517"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/tags?post=325517"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}