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).

Thursday, February 21, 2008

PSEi 2/21/08 TECHNICAL ANALYSIS


PRICE AND TURNOVER
Close: 3,176.06
Change: -4.99pts (-0.16%)
Value: 2,613,171,000

MARKET BREADTH
Net adv/dec issues: -3
Net up/down volume: +897,021,280
Net foreign buying: -21,187,563

OUTLOOK
The index continues to move sideways in a tight range accompanied by below average turnover. Except for the first few minutes, the sellers are clearly in control of the trading session wiping out the 20pt gain realized by early buyers who were easily overwhelmed by selling pressure. The market ends flat with a downward bias. No new evidence appears in the chart. The trends remain valid for now.

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