The stock market is poised to push higher this week after entering a bull market.
“I’d rather take the cautious stance and this could be an opportunity to sell on rallies,” Ravelas told the Inquirer.“Consumption will be challenged by inflation,” he said.
“This is going to be the Year of the Rabbit. The rabbit goes up and goes down. The market can go up first then go down so it could be more of a choppy year,” he added. Michael Ricafort, chief economist at the Rizal Commercial Banking Corp., said the recent stock market surge was further bolstered by improving inflation data in the United States and expectations the economy would benefit from the reopening of China.
“Any sustained breach above the 11-month major resistance of 6,840 levels in the coming days/weeks could potentially target/retest 7,000-7,100 levels and the 7,552.20 pandemic high posted on February 9, 2022,” Ricafort said. He pegged the immediate PSEi support levels at 6,820 to 6,730 while major support could be found at 6,660 to 6,590.
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