Dec 21, 2023
Juan G. Barredo
Chief Technical Analyst
juanis.barredo@colfinancial.com
GLOBAL SCOREBOARD
Issue Current Change % YTD %
Philippines 6,521 (0.52) (0.01) (0.70)
Markets in Review Peso-$ 55.75 (0.200) (0.357) 0.00
MSCI Phils 25.78 (0.22) (0.85) (1.57)
PLDT US 23.75 0.48 2.06 4.17
DJIA 37,082 (475.9) (1.27) 11.87
SP500 4,698 (70.02) (1.47) 22.37
Nasdaq 14,778 (225.28) (1.50) 41.19
Germany 16,733 (11.36) (0.07) 20.18
Nikkei 33,676 456.55 1.37 29.05
Hong Kong 16,614 108.81 0.66 (16.01)
China 2,902 (30.28) (1.03) (6.06)
US 30Yr Bond 124.45 0.72 0.58 (1.32)
10-Yr Yield 3.849% (0.073) (1.86) (0.80)
Dollar Index 102.43 0.63 0.62 (0.81)
Gold 2,047.70 (4.40) (0.21) 12.13
Oil 74.22 0.28 0.38 (7.53)
CRB Index 266.39 (1.31) (0.49) (4.09)
PSEi shakes and flattens as some select profit
taking and rotation is seen PHILIPPINE MOST ACTIVES
• The PSE Index (6,520) slid by less than a point Stock Value Last Change %
(-0.1%) and may feel more opposing volatility ALI 587-M 34.00 -0.35 -1.02%
ICT 517-M 243.20 -2.80 -1.14%
• Our first resistance target of 6,520 was hit and
ACEN 485-M 4.03 -0.17 -4.05%
could be waylaid by added pullbacks from the US
SM 404-M 904.50 1.00 0.11%
GTCAP 316-M 579 14.00 2.48%
• Follow on with trading opportunities into the rally
BDO 264-M 129 -2.00 -1.53%
but be tactical and selective – leaning towards
clear trend strength for priorities for trading. But SMPH 237-M 34.00 0.10 0.29%
also, be open to taking some profits especially on TEL 230-M 1300 15.00 1.17%
issues that are stretched as these may need some RLC 217-M 16.00 0.32 2.04%
time to correct to support AC 205-M 722 7.00 0.98%
• We can look at them again into pullbacks to
Note: All opinions and estimates constitute the judgment of COL’s Equity
support or after small pause patterns so long as Research Dept as of the date of the report and are subject to change
their remain in rally mode or come off such without notice. The report is for informational purposes only and is not
intended as an offer or solicitation for purchase or sale of a security.
patterns with resistance breaks – watch trendlines
and 20-day EMAs for support points for now
Dec 21, 2023
Market Spotlight:
PSEi hit by selective profit taking, flattening
its intraday rally; overbought US skids down
• The PSEi was flat inching down by 0.5-pts after hitting its
1st resistance and watchful of overbought issues
• We saw some overbought strain and resistance problems
from key issues
• Despite 20 or the 30 Index members being up yesterday,
the PSEi was flattened by selective slipperiness
• BDO pulled back from resistance (was the major drawdown
on the index), but is still in range of a resistance challenge
• The likes of JFC, ICT and ALI saw some profit taking after
showing their respective stretch ups to overbought (or near
OB) levels
• In the US, we saw a clearer drive to work in some profit
taking after the Sp500 and Nasdaq both logged in heavy
overbought levels – hence their overnight slide of around
1.5%
• They clearly need to narrow spreads down to support
(trendlines or their respective 20-day EMAs) – we hope these
can hold for now and allow for a retest of highs (at or near
such highs)
• This pullback from the US may add some pressure to the
market and also as the Holidays are around the corner.
Some fund managers may need to close out books and
register what gains they can – driving some profit taking and
corrective/opposing volatility to recent advances
Dec 21, 2023
US Market Review
$SPX 4,698
S&P500 Index -1.47%
Stock Trend Uptrend
(short term)
Sideways
Chart Formation Channel / OB
Support 1 & 2 4,625 4,510
Resistance 1 & 2 4,600 4,637
Trading Action
The SP500 was hit by weightier profit
taking given its overly extended swing into
an overbought state. A hold can still be
maintained, if not for some gradual profit
taking… especially if its trendline (4,670) or
20-day EMA (4,625) is broken
EPHE $25.78
MSCI Philippines Index -0.85%
Stock Trend Uptrend
(short term)
Chart Formation Rally Channel
Support 1 & 2 25.00 24.80
Resistance 1 & 2 26.55 27.30
Trading Action
EPHE saw some profit taking after recently
entering overbought levels. This may cause
more corrective or opposing volatility to its
interim recovery. Next resistance is placed
at 26.55 then 27.30. Hold with a stop at
25.00 or range trade & take some profits
PHI $23.75
PLDT US +2.06%
Stock Trend Uptrend
(short term)Sideways
Sideways
Chart Formation Rally Channel
Support 1 & 2 22.95 22.50
Resistance 1 & 2 24.30 25.20
Trading Action
PHI pushed up again and breaks 1st
resistance. A channel still holds its swing,
however. This may allow it to test $24 or its
$24.30 high. Support is placed at 22.95-
22.50
