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).

Monday, March 17, 2008

PSEi 3/17/08

The PSEi drops 3.9% in the second biggest single day decline for 2008. From its last peak of 3,300 in early Feb-2008, the index has fallen by around 500pts which is roughly 15%. If and when the near term measured move to 2,700 thereabouts is attained, it will not be unreasonable to expect a correction rally to anywhere between the 2,850 and 3,000 levels. The primary price objective remains at 2,200. The next historical support is at 2,000. Cumulative net foreign selling set a new YTD high today.

PRICE AND TURNOVER
Close: 2,793.68 * Change: -112.85(-3.88%) * Value: 2,020,253,000

MARKET BREADTH
AdvDec issues: -113 * UpDown volume: -439,351,410 * NFB: -136,113,968

TECHNICAL ANALYSIS
Major consolidation * Intermediate downtrend * Short term downtrend
Support: 2,000 * Resistance: 3,300 * Near term TP: 2,700 * Major TP: 2,200

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