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).

Sunday, March 16, 2008

PSEi 3/14/08 WEEKLY MARKET REVIEW



PRICE AND TURNOVER
Close: 2,906.53
Change: TODAY -33.94 (-1.15%) WEEK -122.20 (-4.03%)
Value: 1,821,533,645

MARKET BREADTH
Net adv/dec issues: -99
Net up/down volume: +306,063,690
Net foreign buying: -231,232,800

TECHNICAL ANALYSIS
Trends: Major consolidation, intermediate and short term downtrend
Core Support: 2,900 Resistance: 3,800
Immediate Support: 2,900 Resistance: 3,300
Price Objective: 2,700

OUTLOOK
The index closes lower 1.15% for the day and 4.03% for the week. It continues to trend down in the intermediate and short term trends while still confined in the major consolidating trend. The unfolding double top pattern remains an cause for concern in the weekly chart which if completed implies a likely 800pt move to the 2,200 level. Shifting to the daily time frame, it is reasonable to expect a measured move to the 2,700 area. YTD cumulative net foreign selling persists in marking new highs to this week's level of P16.4B.

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