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).

Tuesday, February 19, 2008

PSEi 2/19/08


PRICE AND TURNOVER
Close: 3,190.67
Change: +27.42pts (+0.87%)
Value: 3,125,555,000

MARKET BREADTH
Net adv/dec issues: +50
Net up/down volume: +1,789,587,540
Net foreign buying: -62,632,090

OUTLOOK
The buyers take control of trading very early on driving it up to 3200 thereabouts within an hour from the open and closing the index higher by 27pts, just a few points off the day's high. Market participation is broadly confirmed by the number of advancers and the buy up volume but foreign money flow is negative. Short term, today's advance shows that the index is attempting to find support from which to launch a rally. A higher close and a higher low tomorrow will be a good confirmation signal. The market remains on a downtrend, so prudence dictates that we take the high probability view that any rally at this time will be shortlived.

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