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 29, 2008

PSEi 4/29/08 PHILIPPINE STOCK MARKET TECHNICAL ANALYSIS

PRICE AND TURNOVER
Close: 2,754.29
Change: +14.85(+0.54%)
Value: 1,944,500,000

MARKET BREADTH
Net Adv Issues: -17
Net Up Volume: -74,408,150
Net Foreign Buying: -169,167,302

TECHNICAL ANALYSIS
Major consolidation * Intermediate downtrend * Short term downtrend * Resistance 3050

OUTLOOK
The local stock average advances fractionally higher by 14.85 pts after breaking 2750yesterday. Today's advance could be an attempt to find new support that could lead to a short term correction rally. Market breadth indicators unanimously reject the significance of today's move higher.

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