PRICE AND TURNOVER
Close: 2,867.50
Change: +49.92(+1.77%)
Value:2,165,174,000
MARKET BREADTH
AdvDec: +29
UpDnVol: -106,527,180
NFB: +228,809,248
TECHNICAL ANALYSIS
Primary consolidation * Secondary downtrend * Short term upswing * Support 2,700 * Resistance 3,300 * Short term bounce on the daily chart * Double top on the weekly chart *
OUTLOOK
We see a back to back advance of the PSEi closing higher for the second consecutive session. Both days are accompanied by Net Foreign Buying that comes after 8 successive days of Net Foreign Selling. Today's move confirms a bounce off the new 3/18/08 support - shy of 2,800 - that could launch a correction rally up to (a) the 3,000 level assuming a role reversal of the prior reaction low on 1/22/08, or (b) the trendline resistance. Unless a revesal or consolidation interrupts the intermediate downtrend, the double top in the weekly chart will continue to weigh down sentiment with a downside TP of 2,200.
Close: 2,867.50
Change: +49.92(+1.77%)
Value:2,165,174,000
MARKET BREADTH
AdvDec: +29
UpDnVol: -106,527,180
NFB: +228,809,248
TECHNICAL ANALYSIS
Primary consolidation * Secondary downtrend * Short term upswing * Support 2,700 * Resistance 3,300 * Short term bounce on the daily chart * Double top on the weekly chart *
OUTLOOK
We see a back to back advance of the PSEi closing higher for the second consecutive session. Both days are accompanied by Net Foreign Buying that comes after 8 successive days of Net Foreign Selling. Today's move confirms a bounce off the new 3/18/08 support - shy of 2,800 - that could launch a correction rally up to (a) the 3,000 level assuming a role reversal of the prior reaction low on 1/22/08, or (b) the trendline resistance. Unless a revesal or consolidation interrupts the intermediate downtrend, the double top in the weekly chart will continue to weigh down sentiment with a downside TP of 2,200.
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