This blog is committed to the serious study and valid understanding of technical analysis and its objective application to stock selection, risk management and execution primarily in the context of trading stocks listed in the Philippine Stock Exchange (PSE).

Wednesday, February 27, 2008

DJIA 2/26/07 TECHNICAL ANALYSIS


PRICE AND TURNOVER
Close: 12,684.92
Change: +114.70 (+0.91%)
Volume: 744,824,896

MARKET BREADTH (NYSE)
Net adv/dec issues: +1,334
Net new highs/lows: +22
Net up/down volume: +1,776,157,442

TECHNICALS
Intermediate downtrend, short term upswing
Support 12,000 Resistance 12,800

OUTLOOK
Today's uptick and higher close confirms 12,200 as the new immediate support and that a short term upswing is under way. The index appears to be on solid footing after breaking out of the pattern and trendline yesterday looking like its ready to challenge the 12,800 resistance. The breadth indicators affirm the wide participation in today's advance but again volume diverges by refusing to expand. Look carefully at the 12,800 resistance, a breach of this level will be very significant.

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