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 8, 2008

DJIA 5/7/08 STOCK MARKET TECHNICAL ANALYSIS

PRICE AND TURNOVER
Close: 12,814.35
Change: -206.48 (-1.59%)
Volume: 726.8M

MARKET BREADTH
Net Advancing Issues: -1475
Net New Highs: +23
Net Up Volume: -2,667,875,663

TECHNICAL ANALYSIS
The short term uptrend is undergoing correction after encountering resistance on May-2 * The pullback does not diminish the validity of the minor trend * Odds favor a switchback at or near trendline support * Primary consolidation * Intermediate downtrend * Minor uptrend * Support 11700/12300 * Resistance 13250

TODAY'S MARKET HEADLINES
AP|Stocks retreat as oil prices creep higher|Wed May 7, 6:15 pm ET
AP|Oil jumps over $123on drop in diesel, heating oil supplies|Wed May 7, 6:11 pm ET

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