Market Outlook

After a few small continuous uptrends, the PSEI has finally went back to 6,500 where prices managed to briefly consolidate.

Sessions might trend higher, as participants cheer slower inflation for March (7.6% vs. Feb.’s 8.6%).

The market traded in a tight range last week, however, the PSEi still closed below the 200-day MA.

Tight trading sessions are seen, as several investors prepare for the Lenten break.

Volatile sessions are seen, as market players weigh the unexpected production cut from OPEC+ against inflationary pressures and

Another tight session is seen, as participants check on improvements in participation during the week’s quarter-end closing.

After hitting its support, the PSEI has moved higher this past week where it went past MA 260 and now trying to take over 6,636 which is its next resistance.

Buyers might resume to take position in equities, with the Fed & local central bank’s 25bps rate hike already built-in into share prices.

After topping out at its SMA 260, the PSEi appears to be heading downwards but with indicators being a little bit better as compared to last month.

Trades may stay range-bound, as market players check on momentum improvement, after the FOMC & BSP’s move to raise benchmark rates by an expected 25bps.

Light sessions are seen, as participants balance Fed chair Powell’s remarks on future interest rate increases & issues weighing on the US financial system.

Sequel rallies are seen, as sentiment glides with US equities’ rise.

Sessions might score on the plus-side, on assurances over the local financial system’s stable capitalization.

Expect volatility for most part of the week, ahead of the FOMC & the local central bank’s policy meeting.

As expected, after the market broke below the 100-day/200-day MA, the market retested (and briefly broke below) the 6,400 level.