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 20, 2008

PSEi 2/20/08


PRICE AND TURNOVER
Close: 3,181.05
Change: -9.62pts (-0.30%)
Value: 2,979,409,000

MARKET BREADTH
Net adv/dec issues: -34
Net up/down volume: +422,535,360
Net foreign buying: -42,000,157

OUTLOOK
Today, the market fails to confirm that yesterday is a valid support. It opens a shave below the prior close and immediately the buyers start to eke out an advance. At mid session, the index climbs to around breakeven and as if on cue, the sellers-furtively relieved that the buyers provided them a relatively decent exit price-gladly commence the sell down ending the day lower than the open. Today's turnover is moderate and being an inside day, the range is thin revealing the market's state of indecision. Both the intermediate and short term trends are on a decline.

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