Market Outlook

Participants will monitor continuity of yesterday’s trend, or for supply pressure to start coming out ahead of the Lunar break.

Participants will monitor continuity of yesterday’s trend, or for supply pressure to start coming out ahead of the Lunar break.

The market is trading above key moving averages (50-day, 100-day, and 200 -day) and is poised to revisit the next resistance level.

Attention is set for the 6,800 target, having moved past 6,700.

The PSEi concluded yesterday’s session with a -23.42pts decline to 6,623.01.

Sentiment might glide to Wall Street’s renewed strength, as participants heed for earnings guidance on trajectory this year.

Participants will monitor if sentiment would glide to Wall Street’s latest retreat, after Fed chair Powell doused-off expectations for a rate cut in March.

Another volatile session is seen, as participants take on feelers if sentiment would sway to Wall Street’s ascent, or for profit-taking to prevail.

The PSEi surged by +2.81% w-o-w to end the week at 6,686.09.

Expect volatility in the coming sessions, with January’s month-end portfolio closing.

Gravestone doji spotted as the index snapped its 3-day winning streak.

Monitoring may continue given recent sessions’ light turnover, including supply pressure during final-minute close.

Sessions are likely to continue its upward momentum, as fresh hands take local equities closer to 6,700.

The PSEi has found itself at its 4th straight day of declines after being just a shy away from hitting the 6,700 levels on Monday.

The PSEi dropped by -2.10% w-o-w after failing to break above the 6,700 resistance.