Manufacturing Producer Price Index (PPI) saw faster decline in October
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AP seems to be acting like a contrarian of the index, as the former is up by +1.08% while the latter is bleeding.
Cup and handle pattern.
After the three marching soldiers in the prior trading sessions, SM has been on a steep correction in yesterday’s trading day.
The PSEI slumped on the second straight day as investors sealed their gains during the prior rallies.
Participants might gauge whether the PSEi could keep its head aloft 6,200, given yesterday’s trend.
After reaching its 3-yr low at 27.70 on Sept 20, SMPH’s share price rebounded and has been rising slowly.
Momentum may continue for local equities, supported by improving turnover and net foreign buying position.
URC traded higher for 6 consecutive days after it bounced from its support at 108.50.
Participants will sift through events during the weekend pause, while monitoring turnover build-up towards the end of 2023.
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