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).

Wednesday, May 21, 2008

DJIA 5/20/08 STOCK MARKET TECHNICAL ANALYSIS

The index retreats 199pts after yesterday's test of resistance. The short term up trendline remains valid.

TRENDS
* PRIMARY UPTREND | Prior support 11634 | Prior resistance 14030 |
* INTERMEDIATE DOWNTREND | Corrective wave | Prior support 11634 | Prior resistance 13780 | Broken trendline
* SHORT TERM UPTREND | Correction | Prior support 12715 | Prior resistance 13132 |

PRICE AND TURNOVER
Close: 12,828.68 * Change: -199.48 (1.53%) * Volume: 816.2M

MARKET BREADTH
Net Advancing Issues: -923 * Net New Highs: +18 * Net Up Volume: -1,724,621,750

STOCK MARKET, ECONOMY & OTHER HEADLINES
AP|Stocks stumble on record oil, inflation worries|Tue May 20, 5:47 pm ET
AP|Wholesale inflation slows in April after March increase|Tue May 20, 5:48 pm ET

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