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).

Tuesday, May 20, 2008

PSEi 5/20/06 PHILIPPINE STOCK MARKET TECHNICAL ANALYSIS

The PSEi resumes its advance after a 2-day pause. The next critical level is the prior resistance of 2956.

TRENDS
* MAJOR UPTREND | Interrupted by a consolidation | Down swing | 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: 2,896.15 * Change: +18.69(0.65%) * Value: 2,395,926,000

MARKET BREADTH
* Net Advancing Issues: 42 * Net Up Volume: 106,099,620 * Net Foreign Buying: -333,790,101

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