OUTLOOK
Local stocks trade in a narrow band finishing nearly flat in moderate volume. Today's lower close confirms the reversal of the minor trend that has now realigned with the larger intermediate downtrend. These 2 trends conspire to propose a price objective of 2,500. It is interesting to note that Net foreign buying has come off its lows by +2.6B from -16.7B last Mar-18 to -14.1B as of today's closing and that Mar-18 coincides with the day when the minor trend turned upward and started the recent rally. It is also evident that as early as last Friday, the PSE NFB chart at the sidebar has stabilized and sloped slightly upwards reflecting this turnaround.
PRICE AND TURNOVER
Close: 2,981.12 * Change: -1.92 (-0.06%) * Value: 2,902,376,000
MARKET BREADTH
Net Adv Issues: +1 * Net Foreign Buying: +679,144,544 * Net Up Volume: -30,521,900
TECHNICAL ANALYSIS
Primary consolidation * Secondary downtrend * Minor downtrend * Major resistance 3,300 * Immediate resistance 3,000 * Support 2,800 * Potential double top on the weekly chart * Potential (Measured Move) TP 2,500 on the daily chart
Local stocks trade in a narrow band finishing nearly flat in moderate volume. Today's lower close confirms the reversal of the minor trend that has now realigned with the larger intermediate downtrend. These 2 trends conspire to propose a price objective of 2,500. It is interesting to note that Net foreign buying has come off its lows by +2.6B from -16.7B last Mar-18 to -14.1B as of today's closing and that Mar-18 coincides with the day when the minor trend turned upward and started the recent rally. It is also evident that as early as last Friday, the PSE NFB chart at the sidebar has stabilized and sloped slightly upwards reflecting this turnaround.
PRICE AND TURNOVER
Close: 2,981.12 * Change: -1.92 (-0.06%) * Value: 2,902,376,000
MARKET BREADTH
Net Adv Issues: +1 * Net Foreign Buying: +679,144,544 * Net Up Volume: -30,521,900
TECHNICAL ANALYSIS
Primary consolidation * Secondary downtrend * Minor downtrend * Major resistance 3,300 * Immediate resistance 3,000 * Support 2,800 * Potential double top on the weekly chart * Potential (Measured Move) TP 2,500 on the daily chart
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