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, April 10, 2008

DJIA 4/10/08 STOCK MARKET TECHNICAL ANALYSIS

OUTLOOK
The Dow Industrials shed 49pts just as crude prices set new highs and bellweather company UPS lowers its earnings guidance [AP|Stocks Fall As Oil Jumps; UPS Warns|Wednesday April 9, 5:43 pm ET]. The index is on the 6th day of correction within the minor uptrend that commenced mid-March 2008. The area of concern remains the 12800 resistance and if it will be able to withstand the advance of the minor trend.

PRICE AND TURNOVER
Close: 12527.26 * Change: -49.18 (-0.39%) * Volume: 555,817,280

MARKET BREADTH
Net Adv Issues: -1402 * Net New Highs: +20 * Net Up Volume: -1,954,925,125

TECHNICAL ANALYSIS
Undefined major trend * Interrupted secondary downtrend * Minor uptrend * Major support 11600-11700 * Minor support 12,200 * Resistance 12,800 * Double top on the weekly chart

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