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).

Tuesday, April 15, 2008

PSEi 4/15/08 PHILIPPINE STOCK MARKET ANALYSIS

OUTLOOK
The local composite index ticks down yet another day lower by 13.54 (0.5%). It gaps down at the open and stays entirely in the red closing a bit off the lows. By expanding the daily chart to a shorter (3-month) time horizon, we are able to fine tune our support and resistance levels from the proximate round figures of 2800 and 3000 to 2750 and 3050 respectively. Today's chart is clear of any noteworthy technical signals.

PRICE AND TURNOVER
Close: 2,904.73 * Change: -13.54 (-0.46%) * Value: 1,848,348,000

MARKET BREADTH
Net Adv Issues: -22 * Net Up Volume: -94,536,280 * Net Foreign Buying: -352,319,019

TECHNICAL ANALYSIS
Major consolidation * Intermediate downtrend * Minor downtrend * Support 2750 * Resistance * 3050 * Double top on the weekly chart * Price objective 2,500

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