PSEi Update Looking Ahead

Philippine technicals look better The PSEi still has one more
than a few months ago after obstacle to clear (given the barrier
establishing a higher-low base. of resistance at 6,700). A break of
This has a high chance of marking this resistance front should
a major bottom. confirm the major bottom and
point towards a major turnaround
The improvement was also driven in trend, seeing next rally targets
by the reduction of threats on between 7,100 to 7,500.
inflation, bond yields, and interest
rates – all of which have tamed In the meantime, both the
down. Philippines and the US seem
overbought and may soon need to
However, the local market is go through some corrective
challenged by a major resistance phases.
at 6,700. This is presenting some
pause or pullbacks from stocks, But such pullbacks or corrections
but a break of this could lead to could provide the opportunity to
more upsides. take some profits and allow for key
buy backs from stronger trend
issues at better prices.

Risks to our view

Risks to our recovery view include potential delays

in the anticipated rate cuts, problems from the US
elections, and escalations to supply problems from
conflict zones.

How should traders proceed in this market?

Stay with leaders trading above 20, 50, and

100-day EMAs, particularly those with good
volume.
Take some profits on rally blowoffs, without
having to totally empty one’s position.
Corrections may lead to better entry points
near support.
Be more cautious in buying laggards until there
are clear signs of reversals.

Trading Ideas

Download our PDF guide below for Juanis Barredo's trading strategies and
stock recommendations:

1H24 Trading Strategies and Stock Recommendations

Check out Juanis' trading strategies for the 1st half of 2024
and access the stocks he listed down for your consideration.

In case you missed it, watch the

2024 COL Market Outlook by
clicking here.

Investor Sentiment Survey

To learn how investors feel about

the market this 2024, watch our
Investor Sentiment Survey Results
by clicking here.

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IMPORTANT DISCLAIMERS
Securities recommended, offered or sold by COL Financial Group, Inc. are subject to investment risks, including the possible
loss of the principal amount invested. Although information has been obtained from and is based upon sources we believe
to be reliable, we do not guarantee its accuracy and said information may be incomplete or condensed. All opinions and
estimates constitute the judgment of COL’s Equity Research Department as of the date of the report and are subject to
change without prior notice. This report is for informational purposes only and is not intended as an offer or solicitation for
the purchase or sale of a security. COL Financial and/or its employees not involved in the preparation of this report may have
investments in securities of derivatives of the companies mentioned in this report and may trade them in ways different
from those discussed in this report.

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