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).

Wednesday, March 5, 2008

PSEi 3/5/08 TECHNICAL ANALYSIS


PRICE AND TURNOVER
Close: 3,092.65
Change: -16.07 (-0.52%)
Value: 1,917,113,000

MARKET BREADTH
Net adv/dec issues: -22
Net up/down volume: -715,768,710
Net foreign buying: -207,495,107

TECHNICALS
Intermediate and short term downtrend
Immediate Support: 3,000 Resistance: 3,300

OUTLOOK
The market continues to trade lower on thin volume. The index opens above water but fails to gain traction and the sellers immediately take control pulling the index below yesterdays close in a steady firm decline. This market offers no excitement whatsoever. Patience is a valuable commodity in times like these.

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