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).

Friday, May 16, 2008

PSEi 5/16/08 PHILIPPINE STOCK MARKET TECHNICAL ANALYSIS


The range bound consolidation that interrupted the 2004 major uptrend is trying to find support from which to launch an upswing. A break below the major up trendline is bearish. The other two smaller trends continue to move lower although the trendline breaks and the indicator divergences insinuate that their decline is losing momentum.

TRENDS
*MAJOR UPTREND|Corrective wave|Prior support 2034 Jun-2006|Potential support at trendline|Prior resistance 3897 Oct-2007|Potential Fibo resistance 3300 *INTERMEDIATE DOWNTREND|Corrective wave|Prior support 2712|Prior resistance 3051|Potential Fibo resistance 2900|Broken trendline|MACD and RSI bullish divergence *SHORT TERM DOWNTREND|Corrective wave|Prior support 2712|Prior resistance 2956|Broken trendline

PRICE AND TURNOVER
Close: 2,879.95 | Change: +1.69(0.06%) | Value: 3,377,814,000

MARKET BREADTH
Net Advancing Issues: +19 | Net Up Volume: -20,223,560 | Net Foreign Buying: -274,508,522

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