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, March 27, 2008

PSEi 3/27/08 PHILIPPINE STOCK MARKET TECHNICAL ANALYSIS

OUTLOOK
The PSEi stands up to the Dow's triple digit decline and manages to eke out a fractionally higher close. The contracting volume during the market's 5-day advance betrays the buyers' lack of conviction. In other words, this rally is probably more about the lack of sellers rather than the abundance and aggressiveness of buyers. The intermediate trend remains on the decline and it is reasonable to expect the short term trend to eventually realign itself. Odds are in favor of this rally reversing soon.

PRICE AND TURNOVER
Close: 2,925.91 * Change: +7.54(+0.26%) * Value: 2,272,810,000

MARKET BREADTH
NetAdvIssues: +7 * NetUpVol: -149,620,670 * NFB: -26,722,002

TECHNICAL ANALYSIS
Primary consolidation * Secondary downtrend * Short term uptrend * Support 2,700 * Prior resistance 3,300 * Potential resistance 3,000 * Double top on the weekly chart

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