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US Fed held its interest rate unchanged at 5.5%, as widely expected. Revised its outlook for rate cut this year to just one from three.

Federal Reserve sees some progress on inflation but envisions just one rate cut this year With inflation sticking at a level above their 2% target, Federal Reserve officials are downgrading their outlook for interest rate cuts.

US headline CPI edged lower to 3.3% in May (vs. 3.4% consensus) from 3.4% in April.

US inflation falls to 3.3% in May Traders now give an 84% likelihood to a Fed rate cut before the presidential election

Trading Edge’s Ron Acoba, MFTA, CMT, CFTe joins Ms. Mimi Ong in today’s edition of ANC’s Market Edge to discuss the current state of the local market.

“Over the last several weeks, foreign selling has continued to weigh in the market, leading the PSEi to decline from a high of 7,000 in April to a low of 6,371 just a few days ago. The main culprit? The sudden depreciation of the peso against the US dollar following the dovish stance of the BSP which diverges from the Fed’s persistent hawkish rhetoric. So the problem was really the BSP. If you remember, the main mandate of the BSP is to stabilize prices and the way to do that is through the use of interest rates. If inflation is high, to bring it down you need high level of rates. Philippine headline inflation has not really gone down that much. In fact, since falling to a low of 2.8% in January, it has risen back to 3.9% in May. So there’s really no reason for the BSP to even talk about cutting rates this early. Now since the peso has depreciated to above 58 vs. the USD, it is now talking about intervening in the market to protect the peso. By intervening it means that it will spend dollars to try to weaken it. The BSP would not have to intervene and spend its dollars had it not prematurely signaled that it will cut rates. Now that the BSP is already at the dovish end, to balance it out, we have to wait until the Fed changes its stance. The earliest that it will, based on market estimates, is still 4 months away in September. So between today and September, the markets may likely continue to be pressured. Worse, another delay could even lead to another flush down.

CREC, the fact that it’s IPO got delayed a few times and that it priced its IPO at the lower end of its indicative range highlight the fact that market demand on local stocks or equity investments remain soft.

Blind item ( ): It is one of the 3 major telecom service provider in the country. But unlike GLO and TEL, this company mainly provides fiber optic broadband services. Technically, the stock may stage an up leg following its ability to turn from a rounding bottom base, giving it a potential upside of about 20% in the short run.”

06.07.24

Analyst: There's no reason for BSP to talk about cutting rates because inflation is still high | ANC Market Edge: Michelle Ong talks to Trading Edge Consultancy's Ron Acoba for his take on the markets this Friday.Join ANC PRESTIGE to get access to perks:http...

Trading Edge’s Ron Acoba, MFTA, CMT, CFTe joins Ms. Mimi Ong in today’s edition of ANC’s Market Edge to discuss the current state of the local market.

“Over the last several weeks, foreign selling has continued to weigh in the market, leading the PSEi to decline from a high of 7,000 in April to a low of 6,371 just a few days ago. The main culprit? The sudden depreciation of the peso against the US dollar following the dovish stance of the BSP which diverges from the Fed’s persistent hawkish rhetoric. So the problem was really the BSP. If you remember, the main mandate of the BSP is to stabilize prices and the way to do that is through the use of interest rates. If inflation is high, to bring it down you need high level of rates. Philippine headline inflation has not really gone down that much. In fact, since falling to a low of 2.8% in January, it has risen back to 3.9% in May. So there’s really no reason for the BSP to even talk about cutting rates this early. Now since the peso has depreciated to above 58 vs. the USD, it is now talking about intervening in the market to protect the peso. By intervening it means that it will spend dollars to try to weaken it. The BSP would not have to intervene and spend its dollars had it not prematurely signaled that it will cut rates. Now that the BSP is already at the dovish end, to balance it out, we have to wait until the Fed changes its stance. The earliest that it will, based on market estimates, is still 4 months away in September. So between today and September, the markets may likely continue to be pressured. Worse, another delay could even lead to another flush down.

CREC, the fact that it’s IPO got delayed a few times and that it priced its IPO at the lower end of its indicative range highlight the fact that market demand on local stocks or equity investments remain soft.

Blind item ( ): It is one of the 3 major telecom service provider in the country. But unlike GLO and TEL, this company mainly provides fiber optic broadband services. Technically, the stock may stage an up leg following its ability to turn from a rounding bottom base, giving it a potential upside of about 20% in the short run.”

06.07.24



https://youtu.be/Uft4UHOtiGU?si=A0H10Il_0d7ocdD5

Philippine headline inflation inched higher to 3.9% in May (versus 4% consensus) from 3.8% in April. This brings the YTD average inflation to 3.5%. The main reason why inflation rose was the faster increase in the housing, water, electricity, gas, and other fuels index which rose by 0.9% in May. This accounted for 56.8% share in the increase in the overall inflation. Transport also rose 3.5% in May. This accounted for 43.2% share to the uptrend in inflation. Major contributors to the overall inflation in the past month was the 5.8% increase in the food and non-alcoholic beverage index, 5.3% rise in restaurants and accommodation services, and 3.5% rise in transport.

JUST IN: The country’s inflation rate increased to 3.9 percent in May from 3.8 percent in April, the Philippine Statistics Authority says on Wednesday. | via Luisa Cabato, INQUIRER.net

READ MORE: https://inqnews.net/inflation

As of May 3, Consensus Gives the PSEi a 12-Month Target of 8,260

As of May 3, Consensus Gives the PSEi a 12-Month Target of 8,260 - Trading Edge Consultancy We are able to calculate an estimate of the 12-month consensus fundamental target of the PSEi by plotting the individual fair value estimates (consensus fundamental target price) of each of the index names against their respective weights. Given the fair value estimates of the major brokerage houses...

US headline CPI eased to 3.4% in April (in line with consensus) from 3.5% in March. On a month-on-month basis, the cpi rose 0.3% in April (versus 0.4% forecast).

US consumer prices rise less than expected in April; core CPI slows U.S. consumer prices increased less than expected in April, suggesting that inflation resumed its downward trend at the start of the second quarter in a boost to financial market expectations for a September interest rate cut.

Trading Edge’s Ron Acoba, MFTA, CMT, CFTe, CTA, joins Mr. Stanley Palisada in today’s episode of ANC’s Market Edge to discuss how the recent US Fed monetary policy decision would affect the markets in the next few months.

“The latest catalyst was the Fed keeping its interest rates unchanged at a target range of 5.25% to 5.5%, as widely expected. It noted that it will take longer than expected for policymakers to be comfortable that inflation will resume its decline to 2%. Recall that US inflation had two consecutive months of higher-than-expected increases that brought it to 3.5% in March from 3.1% in January. One thing that I got from Fed Chairman Powell’s Q&A yesterday was that it takes the Fed not one or two months worth of data to be comfortable about the possible direction of inflation and that the first quarter’s increases led them to their position now that they will have to wait further. Having said that, the Fed will have to see at least 3 months of improving inflation figures before they change their tune and a few months of sub 3% inflation print for them to be comfortable that inflation is indeed moving already towards their 2% target. In short, participants will have to wait at least 5-6 months at best to see whether inflation will improve or not. In the meantime, it is likely that risk assets will either be in correction or consolidation mode again.

Earlier in the year, the markets were pricing in as much as six 25 bps cuts in 2024. And as late as the Fed’s previous meeting in March, they penciled in three 25 bps cuts for the year. However, the higher-than-expected inflation numbers in the last few months have essentially nullified these and instead pushed back the possibility of a cut from May to June, from June to September, and more recently from September to November, bringing down the possible cuts to just one this year.”

https://youtu.be/ilN6X2_KR14?si=QP6BlTXwym7KmLwG



05.02.24

Trading Edge’s Ron Acoba, MFTA, CMT, CFTe, CTA, joins Mr. Stanley Palisada in today’s episode of ANC’s Market Edge to discuss how the recent US Fed monetary policy decision would affect the markets in the next few months.

“The latest catalyst was the Fed keeping its interest rates unchanged at a target range of 5.25% to 5.5%, as widely expected. It noted that it will take longer than expected for policymakers to be comfortable that inflation will resume its decline to 2%. Recall that US inflation had two consecutive months of higher-than-expected increases that brought it to 3.5% in March from 3.1% in January. One thing that I got from Fed Chairman Powell’s Q&A yesterday was that it takes the Fed not one or two months worth of data to be comfortable about the possible direction of inflation and that the first quarter’s increases led them to their position now that they will have to wait further. Having said that, the Fed will have to see at least 3 months of improving inflation figures before they change their tune and a few months of sub 3% inflation print for them to be comfortable that inflation is indeed moving already towards their 2% target. In short, participants will have to wait at least 5-6 months at best to see whether inflation will improve or not. In the meantime, it is likely that risk assets will either be in correction or consolidation mode again.

Earlier in the year, the markets were pricing in as much as six 25 bps cuts in 2024. And as late as the Fed’s previous meeting in March, they penciled in three 25 bps cuts for the year. However, the higher-than-expected inflation numbers in the last few months have essentially nullified these and instead pushed back the possibility of a cut from May to June, from June to September, and more recently from September to November, bringing down the possible cuts to just one this year.”

https://youtu.be/ilN6X2_KR14?si=QP6BlTXwym7KmLwG



05.02.24

Analyst: The market will perhaps enter into a consolidation phase | ANC Market Edge: Stanley Palisada talks to Trading Edge Consultancy's Ron Acoba for his take on the markets this Thursday.Join ANC PRESTIGE to get access to perk...

As of April 12, Consensus Gives the PSEi a 12-Month Target of 8,281

As of April 12, Consensus Gives the PSEi a 12-Month Target of 8,281 - Trading Edge Consultancy We are able to calculate an estimate of the 12-month consensus fundamental target of the PSEi by plotting the individual fair value estimates (consensus fundamental target price) of each of the index names against their respective weights. Given the fair value estimates of the major brokerage houses...

Fed holds its interest rate unchanged at 5.5%, as widely expected; to ease the pace of its bond holdings reduction. Powell rules out hike as Fed’s next move.

Fed leaves rates unchanged, flags 'lack of further progress' on inflation The U.S. Federal Reserve held interest rates steady on Wednesday and signaled it is still leaning towards eventual reductions in borrowing costs, but put a red flag on recent disappointing inflation readings that could make those rate cuts a while in coming.

Breaking: US GDP expanded by 1.6% in 1Q24, falling short of the 2.5% consensus, after rising by 3.4% (revised from 3.3%) in 4Q23.

Trading Edge’s Ron Acoba, MFTA, CMT, CFTe, CTA joins Mr. Stanley Palisada in today’s episode of ANC’s Business Roadshow to talk about the current state of the local market and its possible catalysts in the next several weeks.

“Last time we spoke, the PSEi was trading just below 7,000. At that time, the index was up a little over 17% from its October low. So the index was really due to either consolidate or correct. In the last week or so, the index has entered into a corrective phase. At present level, the index is down about 6% from its 7,000 high that we saw at the start of the month. Obviously, the main driver of the market remains to be the much awaited rate cuts and as you’ve mentioned, sticky inflation both in the US and here, additional upside risks to inflation due to the ongoing conflict in the Middle East, would likely delay those cuts and therefore the market recovery. Nonetheless, I would say that we are still essentially eyeing the 8,000 level. Although achieving that may be moved back by a quarter or two.

The market is currently in a corrective phase. With the backdrop of sticky inflation in the last 2 months, increasing oil prices due to the conflict in the Middle East, and the next Fed meeting where it may possibly start to shift its policy still at least 2 months away, I would expect market participants to remain cautious in the mean time.

With rates remaining at multiyear highs, obviously there remains to be a window for investors to take advantage of which by going instead to fixed income instruments. Some time deposits, for example, are still offering yields of 6-6.5%. Obviously, demand for those instruments with those yields remain high especially if there are uncertainties as we do now.

What worries me more from a macro level not so much in terms of the country’s GDP growth but the level of inflation and therefore interest rates. As you know, high level of inflation would negatively affect consumption which is a huge part of our GDP. Moreover, high level of rates would also negatively affect both how household consumption and how companies expand.

With the upcoming IPO of OceanaGold, obviously, it would benefit the company more in terms of them being able to have a higher valuation and thereby raise more money when the market is up and good. However, they may still command decent demand at present since the price of gold is at a new all-time high.”

04.15.24



https://youtu.be/55j3aGpQXqI?si=ekdnX2wuYFBQhOfm

Trading Edge’s Ron Acoba, MFTA, CMT, CFTe, CTA joins Mr. Stanley Palisada in today’s episode of ANC’s Business Roadshow to talk about the current state of the local market and its possible catalysts in the next several weeks.

“Last time we spoke, the PSEi was trading just below 7,000. At that time, the index was up a little over 17% from its October low. So the index was really due to either consolidate or correct. In the last week or so, the index has entered into a corrective phase. At present level, the index is down about 6% from its 7,000 high that we saw at the start of the month. Obviously, the main driver of the market remains to be the much awaited rate cuts and as you’ve mentioned, sticky inflation both in the US and here, additional upside risks to inflation due to the ongoing conflict in the Middle East, would likely delay those cuts and therefore the market recovery. Nonetheless, I would say that we are still essentially eyeing the 8,000 level. Although achieving that may be moved back by a quarter or two.

The market is currently in a corrective phase. With the backdrop of sticky inflation in the last 2 months, increasing oil prices due to the conflict in the Middle East, and the next Fed meeting where it may possibly start to shift its policy still at least 2 months away, I would expect market participants to remain cautious in the mean time.

With rates remaining at multiyear highs, obviously there remains to be a window for investors to take advantage of which by going instead to fixed income instruments. Some time deposits, for example, are still offering yields of 6-6.5%. Obviously, demand for those instruments with those yields remain high especially if there are uncertainties as we do now.

What worries me more from a macro level not so much in terms of the country’s GDP growth but the level of inflation and therefore interest rates. As you know, high level of inflation would negatively affect consumption which is a huge part of our GDP. Moreover, high level of rates would also negatively affect both how household consumption and how companies expand.

With the upcoming IPO of OceanaGold, obviously, it would benefit the company more in terms of them being able to have a higher valuation and thereby raise more money when the market is up and good. However, they may still command decent demand at present since the price of gold is at a new all-time high.”

04.15.24

PSEi down 1.46% to close at 6,562 | ANC Business Roadshow: Stanley Palisada talks to Trading Edge's Ron Acoba for his take on the markets this Monday.Join ANC PRESTIGE to get access to perks:https:...

The Securities and Exchange Commission removes the minimum stockbroker commission to improve capital market activity in the Philippine Stock Exchange.

The Society of Technical Analysts (STA) presented Trading Edge’s Ron Acoba, MFTA, CMT, CFTe an Honorary Certificate of Certified Technical Analyst (CTA) due to his commitment to excellence and his significant contributions in the field of technical analysis and in the investment industry.

March 2024

“Keeping the freedom of navigation will continue to allow the ease of trade not just in our region but globally,” said Ron Acoba, the chief investment strategist and co-founder of Trading Edge, a third-party research provider for local banks and brokerage firms.

“Politically speaking, it is correct to highlight the economic significance of the trilateral summit among the US, Japan and the Philippines,” Acoba said.

“But if you ask me, the main agenda really is to send a ‘message’’ to China, that the country is keen in upholding our rights. And that contrary to the prior administration, we are going in the direction of not just upholding but even enforcing our rights.”

Marcos Jr treads fine line with China as Philippines deepens US, Japan ties Philiippines president highlights benefits to the Philippines economy of promised $100bn of investments.

Philippine headline inflation rose to 3.7% in March (versus 3.8% consensus) from 3.4% in February. The main reason why inflation rose was the faster increase in the food and non-alcoholic beverage index which rose by 5.6% in March from 4.6% in the prior month. This accounted for 76.4% share in the increase in the overall inflation. Transport also rose 2.1% in March from 1.2% in February. This accounted for 16.4% share to the uptrend in inflation.

𝐔𝐌𝐀𝐊𝐘𝐀𝐓 𝐬𝐚 𝟑.𝟕% 𝐚𝐧𝐠 𝐚𝐧𝐭𝐚𝐬 𝐧𝐠 𝐩𝐚𝐠𝐭𝐚𝐚𝐬 𝐧𝐠 𝐩𝐫𝐞𝐬𝐲𝐨 𝐧𝐠 𝐦𝐠𝐚 𝐛𝐢𝐥𝐢𝐡𝐢𝐧 𝐚𝐭 𝐬𝐞𝐫𝐛𝐢𝐬𝐲𝐨 𝐬𝐚 𝐛𝐚𝐧𝐬𝐚 𝐧𝐢𝐭𝐨𝐧𝐠 𝐌𝐚𝐫𝐬𝐨, 𝐤𝐨𝐦𝐩𝐚𝐫𝐚 𝐬𝐚 𝟑.𝟒% 𝐢𝐧𝐟𝐥𝐚𝐭𝐢𝐨𝐧 𝐫𝐚𝐭𝐞 𝐧𝐢𝐭𝐨𝐧𝐠 𝐏𝐞𝐛𝐫𝐞𝐫𝐨.

Read more here: https://psa.gov.ph/price-indices/cpi-ir

Trading Edge’s Ron Acoba, MFTA, CFTA, CFTe joined Ms. Mimi in today’s episode of ANC’s Market Edge to discuss the current state of the market and share one of his stock pick, Metrobank.

“The PSEi is now up 8.03% YTD as it has extended its rally since it fell to a low of 5,920 back in October 2023. From the said low to its present level, the index is up by about 17%. This gain that it had over the last 4 and a half months leads me to believe that the index is due to at least consolidate in the short run. In the last 3 weeks or so, the index has actually stalled in and around the 7,000 psychological level. While the index may just trade sideways in the next several weeks, its ability to actually tighten just below 7,000, despite the higher than expected inflation data in the US and here and persistent robust jobs numbers in the US, positions it for a likely upside break later on.

The major driving force remains to be the pivot in Fed policy. But despite the likely delay in cuts, the companies’ ability to generate robust earnings growth on average even in the face of high hurdle rates and borrowing costs indicates that companies can survive and even thrive in this kind of environment. What more when rates are lower? In fact, if you look back to 2003-2008, rates back then both here and the US were actually higher but companies and the markets still performed well.

Blind item ( ). This particular stock that I like is one of the largest banks in the country. In terms of share performance, though, it has lagged its main peers - BDO and BPI. But its recent ability to overcome its resistance at its long time support at 60 positions it for a full recovery back to its all-time high which gives it a substantial upside of 40%+.”

03.15.24



https://youtu.be/jr2LrlQx0gg?si=l2v0Se7oPrQgYbNb

Trading Edge’s Ron Acoba, MFTA, CFTA, CFTe joined Ms. Mimi in today’s episode of ANC’s Market Edge to discuss the current state of the market and share one of his stock pick, Metrobank.

“The PSEi is now up 8.03% YTD as it has extended its rally since it fell to a low of 5,920 back in October 2023. From the said low to its present level, the index is up by about 17%. This gain that it had over the last 4 and a half months leads me to believe that the index is due to at least consolidate in the short run. In the last 3 weeks or so, the index has actually stalled in and around the 7,000 psychological level. While the index may just trade sideways in the next several weeks, its ability to actually tighten just below 7,000, despite the higher than expected inflation data in the US and here and persistent robust jobs numbers in the US, positions it for a likely upside break later on.

The major driving force remains to be the pivot in Fed policy. But despite the likely delay in cuts, the companies’ ability to generate robust earnings growth on average even in the face of high hurdle rates and borrowing costs indicates that companies can survive and even thrive in this kind of environment. What more when rates are lower? In fact, if you look back to 2003-2008, rates back then both here and the US were actually higher but companies and the markets still performed well.

Blind item ( ). This particular stock that I like is one of the largest banks in the country. In terms of share performance, though, it has lagged its main peers - BDO and BPI. But its recent ability to overcome its resistance at its long time support at 60 positions it for a full recovery back to its all-time high which gives it a substantial upside of 40%+.”

03.15.24

Analyst: PSEi due to consolidate in short run, likely to tighten around 7,000 level despite risks Michelle Ong talks to Ron Acoba, Chief Investment Strategist of Trading Edge Consultancy, for his take on the markets.Join ANC PRESTIGE to get access to perk...

“Since 1988, EM equities have delivered positive performance 24 months after the last Fed rate hike in four of the past five Fed rate cycles. On average, returns have been solid at 29%, representing an average outperformance over developed markets of 17 percentage points. Certainly, the broader fundamental backdrop matters, but U.S. rates do play a disproportionate role in driving flows in and out of EM.”

Would Fed rate cuts benefit EM equities? Investors should focus on EM regions and sectors that benefit from structural, as well cyclical, tailwinds.

Happening ATM: Ron Acoba, MFTA, CMT, CFTe presenting "Looking at the PSEi from an Elliott Wave Theory Perspective" for the Market Traders Summit hosted by the Society of Technical Analysts Philippines.

Fed keeps its interest rates unchanged at 5.5%, as widely expected; penciled in three 25 bps cuts by end of 2024. Also penciled in 3 cuts in 2025.

Fed holds rates steady but indicates three cuts coming sometime this year The Federal Reserve on Wednesday released its decision on interest rates following its two-day policy meeting.

As of March 15, Consensus Gives the PSEi a 12-Month Target of 8,338

We are able to calculate an estimate of the 12-month consensus fundamental target of the PSEi by plotting the individual fair value estimates (consensus fundamental target price) of each of the index names against their respective weights. Given the fair value estimates of the major brokerage houses (like J.P. Morgan, UBS, CLSA, Philippine Equity Partners, Regis, Maybank ATR, Mandarin, Salisbury, BPI Sec, First Metro Sec, BDO Sec, SB Securities, Col Financial, Wealth Sec, Philstocks, Unicapital, AB Capital, Papa Securities), the index has been given a target of 8,338.42 (upgraded from 8,088.79) from the March 15, 2024 closing of 6,822.32. As such, the index is trading with an upside of 22.22% to its consensus fair value target for the next 12 months.

*Note: This target is not our target but the average target that is seen by major institutions.

https://tradingedgeconsultancy.com/2024/03/march-15-consensus-gives-psei-12-month-target-8338/

As of March 15, Consensus Gives the PSEi a 12-Month Target of 8,338 - Trading Edge Consultancy We are able to calculate an estimate of the 12-month consensus fundamental target of the PSEi by plotting the individual fair value estimates (consensus fundamental target price) of each of the index names against their respective weights. Given the fair value estimates of the major brokerage houses...

Ron Acoba, MFTA, CMT, CFTe will be speaking at the Market Traders Summit hosted by the Society of Technical Analysts on March 22, 2024. The topic to be discussed is "Looking at the PSEi from an Elliott Wave Theory Perspective."

The event will be held via zoom and will actually start on March 18. To join, you may register here...

https://forms.gle/Gjh8PqMHzCstKELUA

US headline CPI ticked higher to 3.2% in February (vs. 3.1% consensus) from 3.1% in January. This gives the Fed room to keep its interest rates higher for longer.

Consumer prices rose 0.4% in February and 3.2% from a year ago Inflation rose again in February, keeping the Fed on course to wait at least until the summer before starting to lower interest rates.

Nasdaq Composite Retests its All-Time High

The Nasdaq Composite Index leapt by 2.96% to bring it a hair shy of its all-time high of 16,057 as Nvidia surged 16.4% on the back of both revenue and bottom line beat. On a year-on-year basis, Nvidia’s topline surged by 265% to $22 billion while its net income spiked by 769% to $12.30 billion in the fourth quarter of 2023 on the back of robust AI business. With this, we can say that the ongoing bullishness in AI stocks in general is actually warranted. Having said that, we can deduce that the Nasdaq Composite Index, following an interim consolidation as it is now trading right at its resistance at its all-time high, may eventually swing higher and extend its ongoing bull run and lift the entire US equities markets as a whole. Hopefully, the continued bullishness in US stocks for the foreseeable future will also spill over in markets like the Philippines.

Nasdaq Composite Retests its All-Time High - Trading Edge Consultancy The Nasdaq Composite Index leapt by 2.96% to bring it a hair shy of its all-time high of 16,057 as Nvidia surged 16.4% on the back of both revenue and bottom line beat. On a year-on-year basis, Nvidia’s topline surged by 265% to $22 billion while its net income spiked by 769% to $12.30 billion …

S&P 500 Index up 2.11% to 5087, Nasdaq composite up 2.96% to 16041 (a point shy of fresh all time high) as Nvidia surged 16.4% on revenue and net income beat. Revenue leapt 265% to $22 billion in 4Q alone while net income spiked 769% to $12.3 billion on strong AI business.

Contrary to what other analysts say, AI theme, as of now, far from "bubble" like 1999-2000 as it continues to produce top line and bottom line growth. US equities will likely have a 'melt-up' in the year before earnings growth naturally slowdown, leading to a top.

Stock market today: S&P, Dow hit record highs as Nvidia ignites global stock rally Stocks powered higher as investors celebrated Nvidia's blowout results, which beat sky-high expectations and revived the AI frenzy.

Ron Acoba, co-founder and chief investment strategist at stocks research platform Trading Edge Training and Consultancy, said chart-based technical trading indicators were showing some positive signals for the PSEi.

“PSEi is still trading within a primary downtrend as per classical [technical analysis],” Acoba noted in a presentation that was seen by the Inquirer. “Its ability, though, to establish a higher low base positions it for a possible upside break later on”.

While technical analysis is based on several probabilities and outcomes, Acoba said pullbacks or further consolidation for the PSEi is “an opportunity to start loading in the market”.

“PSEi expected to enter into a massive up leg following a short-run consolidation,”



08.14.23

Experts predict reversal of stock market downtrend MANILA, Philippines — Stock market experts are raising the likelihood of a rally in the Philippine Stock Exchange index (PSEi) over the next 12 months due to attractive valuations coupled with