PSE Market Outlook (22 Jul 2024) by First Metro Securities
The PSEi surged by +2.16% w/w to close at 6,791.69pts.
The PSEi surged by +2.16% w/w to close at 6,791.69pts.
BPI is currently trading within the range of 123-127, and rallying above all moving averages.
The PSEi closed at 6705.01 yesterday (+0.26%) within the range of 6610-6730, with all indicators showing signs of bullishness, and the index trading above all MA-s.
After a failed double bottom formation, SMPH’s share price continued to decline, reaching a 4-year low of 25.70.
ICT is currently trading within a range of 347.40 to 370.45.
SMPH stocks are currently trading within a range of 28.30-30.20.
AEV stocks are currently bearish but mildly consolidating near the 50-MA line as we see an uptick in momentum with RSI at 45.78.
The index closed yesterday at 6667.09 (-0.33%) trading comfortably bullish above its 100-MA resistance region.
Our stock picks for the week
The PSEi sustained its ascent, gaining by +2.39% w/w to close at 6,648.23pts.
GLO is currently trading within the range 2045-2153, with the stock’s price above its key historical price levels.
BDO is currently trading within the range of 137.00-140.80, with the stock’s price rallying above the 50-MA and 100-MA lines.
ALI is currently consolidating within the range 28.20-29.60, with all indicators showing bullish sentiments.
The index closed at 6609.24 yesterday (+1.85%) within the range of 6484-6638, with all indicators exhibiting signs of bullishness.
Eyes are set whether the PSEi would continue its recent strength, or sellers might seize on this move to pocket gains.
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