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 6, 2008

PSEi 3/6/08 TECHNICAL ANALYSIS


PRICE AND TURNOVER
Close: 3,116.84
Change: +24.19 +0.78%
Value: 2,441,159,000

MARKET BREADTH
Net adv/dec issues: -25
Net up/down volume: -114,639,120
Net foreign buying: +66,220,343

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

OUTLOOK
The PSEi closes higher on an uptick. A penetrating close beyond the downtrend line occurs today. This is usually an early signal of an oncoming trend change. It's not a signal to buy though, just an alert to take a closer look at the next few days to see if a confirmation signal is forthcoming. Imposing a 3%, 3day filter on this breakout will be helpful.

No comments:

Post a Comment