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, May 20, 2008

DJIA 5/19/08 STOCK MARKET TECHNICAL ANALYSIS

Today, the index tests the prior resistance of the short term trend. A near term break means the uptrend remains healthy. A retreat from this level would mean weakening and could lead to a minor congestion such as an ascending triangle or a box pattern.

TRENDS
* PRIMARY UPTREND | Interrupted by a consolidation | Prior support 11634 | Prior resistance 14030 |
* INTERMEDIATE DOWNTREND | Corrective wave | Prior support 11634 | Prior resistance 13780 | Broken trendline
* SHORT TERM UPTREND | Directional wave | Prior support 12715 | Prior resistance 13132 |

PRICE AND TURNOVER
* Close: 13,028.16 * Change: +41.36 (0.32%) * Volume: 632.0M

MARKET BREADTH
* Net Advancing Issues: -182 * Net New Highs: +106 * Net Up Volume: +70,319,687

STOCK MARKET, ECONOMY & OTHER HEADLINES
AP | Stocks finish mixed following tech pullback | Monday May 19, 5:40 pm ET
Reuters | Economy Is Weak, But No Recession, Indicators Show | 19 May 2008 | 10:06 AM ET
AP | Pump prices rise to new high as oil extends gains | Monday May 19, 5:14 pm ET
Reuters | Will Fed Have to Raise Interest Rates Soon? | 19 May 2008 | 02:54 PM ET

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