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).

Saturday, May 31, 2008

DJIA 5/30/08 STOCK MARKET TECHNICAL ANALYSIS


PRICE AND TURNOVER
Close 12,638.32
Change -7.90 (-0.06%)
Volume 579.7M

MARKET BREADTH
Net Advancing Issues +414
Net New High +4
Net Up Volume +384,035,742

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 12442 | Resistance 13136

CHART WATCH
The near term critical levels to watch out for are 12442 and 13136. We can expect nothing significant until the index moves out of that range.

STOCK MARKET, ECONOMY & OTHER HEADLINES
AP|Wall Street wavers after economic data|Fri May 30, 5:40 pm ET
AP|Incomes and spending both slow in April|Fri May 30, 5:38 pm ET
AP|Gas prices inch closer to $4 while oil gyrates|Fri May 30, 3:36 pm ET

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