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).

Wednesday, April 16, 2008

PSEi 4/16/08 PHILIPPINE STOCK MARKET ANALYSIS

OUTLOOK
Local stocks take a cue from the Dow and trades higher by 17.01 (0.59%). The composite average gaps up and moves within a thin 20pt range before closing off the intraday high. Today's advance isolates yesterday's price bar between 2 higher intraday range and closing prices raising the possibility that the index may have found a new short term support. A higher close tomorrow will confirm this.

PRICE AND TURNOVER
Close: 2,921.74 * Change: +17.01 (0.59%) * Value: 1,842,265,000

MARKET BREADTH
Net Adv Issues: -6 * Net Up Volume: +166,335,120 * Net Foreign Buying: -141,802,412

TECHNICAL ANALYSIS
Major consolidation * Intermediate downtrend * Short term downtrend * Support 2750 * Resistance 3050 * Potential double top on the weekly chart * Price objective 2500

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