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).

Friday, May 23, 2008

PSEi 5/23/08 PHILIPPINE STOCK MARKET TECHNICAL ANALYSIS


The PSEi is attempting to find support in the short term time frame. We continue be mindful of the signals that could lead to a reversal of the intermediate downtrend. A higher support and a break of the 2903 resistance will constitute a provisional short term uptrend. A short term uptrend that breaks the intermediate resistance of 3052 will mark the end of the Oct-2007 to May-2008 intermediate downtrend that could lead to a reversal. A reversal of the intermediate downtrend will shift the primary uptrend into a directional wave. The next critical level is 2903.

PRICE AND TURNOVER: Close 2,849.28 | Change +10.70(0.38%) | Value 1,746,493,000

MARKET BREADTH: Net Advancing Issues -19 | Net Up Volume 95,601,590 | NFB 92,467,702

MAJOR UPTREND | Corrective wave | Prior support 2034 | Prior resistance 3896
INTERMEDIATE DOWNTREND | Directional wave | Prior support 2712 | Prior resistance 3052 | Broken trendline | MACD bullish divergence
SHORT TERM DOWNTREND | Downswing | Prior support 2712 | Prior resistance 2903

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