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).

Thursday, May 29, 2008

DJIA 5/28/08 STOCK MARKET TECHNICAL ANALYSIS

PRICE AND TURNOVER
Close 12,594.03
Change 45.68 (0.36%)
Volume 673.9M

MARKET BREADTH
Net Advancing Issues +489
Net New High -44
Net Up Volume 732,910,187

TRENDS
*PRIMARY UPTREND | Corrective wave | Prior support 11634 | Prior resistance 14030
*INTERMEDIATE DOWNTREND | Corrective wave | Support 11634 | Resistance 13136
*SHORT TERM UPTREND | Broken trendline and support | Corrective wave | Support 12269 | Resistance 13136

CHART WATCH
The subsequent occurence of any of the following events are to be considered significant technical signals (1) a break below 12269, (2) a break above 13136, (3) the next reaction high.

STOCK MARKET, ECONOMY & OTHER HEADLINES
AP|Stocks rise after durable goods data|Wednesday May 28, 5:01 pm ET
AP|Durable goods show strength in many areas|Wednesday May 28, 4:58 pm ET
AP|Oil rebounds on Nigeria threat, supply concerns|Wednesday May 28, 4:39 pm ET

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