OUTLOOK
The PSEi gaps down and drops a further 23 pts (0.77%) on moderate volume. It's on the 7th successive day of decline. A minor pause or correction in the short term trend will not be surprising but it is unlikely that it will go beyond the intermediate trendline. I've drawn a potential progression of the Elliot Wave Pattern (EWP) for the benefit of Elliotists who are planning to trade a possible 3-wave correction.
PRICE AND TURNOVER
Close: 2,918.27 * Change: -22.71 -0.77% * Value: 2,047,806,000
MARKET BREADTH
Net Adv Issues: -32 * Net Up Volume: -207,875,460 * Net Foreign Buying: +107,029,645
TECHNICAL ANALYSIS
Support 2,800 * Resistance 3,000 * Major consolidation * Intermediate downtrend * Minor downtrend * Possible unfolding wave (b) of an Elliot Wave Pattern (EWP) * Double top on the weekly chart * Near term price objective 2,500
The PSEi gaps down and drops a further 23 pts (0.77%) on moderate volume. It's on the 7th successive day of decline. A minor pause or correction in the short term trend will not be surprising but it is unlikely that it will go beyond the intermediate trendline. I've drawn a potential progression of the Elliot Wave Pattern (EWP) for the benefit of Elliotists who are planning to trade a possible 3-wave correction.
PRICE AND TURNOVER
Close: 2,918.27 * Change: -22.71 -0.77% * Value: 2,047,806,000
MARKET BREADTH
Net Adv Issues: -32 * Net Up Volume: -207,875,460 * Net Foreign Buying: +107,029,645
TECHNICAL ANALYSIS
Support 2,800 * Resistance 3,000 * Major consolidation * Intermediate downtrend * Minor downtrend * Possible unfolding wave (b) of an Elliot Wave Pattern (EWP) * Double top on the weekly chart * Near term price objective 2,500
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