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
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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