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).

Sunday, April 27, 2008

DJIA 4/25/08 STOCK MARKET TECHNICAL ANALYSIS

OUTLOOK
The DJIA closes the week little changed at +0.33% as nine out of the 30 Dow components come out with quarterly figures. [The Week:Trading By the Numbers|26 Apr|11:42 AM ET] . Oil prices hit record highs and the US dollar rallies. [Oil settles higher on turmoil abroad|April 25: 3:56 PM EDT] , [Dollar at 3-Week Highs vs. Euro on Rates Outlook|Reuters|25 Apr| 03:05 PM ET] . For the entire week it moves up and down 12750 unable to make a clean breakaway. Meanwhile, an invevitable resolution of 2 deviating trends is about to pass as the trendlines converge. The longs are itching for a break of the intermediate down trendine while the shorts are praying for a bounce off of it.

PRICE AND TURNOVER
Close: TODAY 12,891.86 * EOPW 12,849.36 * EOPM 12,262.89 * EOPY 13,264.82
Change: TODAY +42.91(+0.33%) * WTD +42.50(+0.33%) * MTD +628.97(+5.13%) * YTD -372.96(-2.81%)
Volume: 714.6M

MARKET BREADTH
Net Adv Issues: +850 * Net New Highs: -4 * Net Up Volume: +1.399,297,584

TECHNICAL ANALYSIS
Major consolidation * Intemediate downtrend * Short term uptrend * Support 11700 * Resistance 12800

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