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 2, 2008

PSEi 5/2/08 PHILIPPINE STOCK MARKET TECHNICAL ANALYSIS

TECHNICAL ANALYSIS
Primary consolidation * Intermediate downtrend * Short term downtrend * Resistance 3050 * Double top on the weekly chart|Potential drop to 1,800 * Measured move on the daily chart|Potential drop to 2,500

The local index distances itself from the Dow's triple digit advance. It drops 1.0% for the day and 2% for the week. YTD, the index has given up 25%. The charts and indicators offer no hints of any impending trend change. Net foreign selling continues to hit new YTD highs. Expect the PSEi to continue its steady and orderly decline in the near term.

PRICE AND TURNOVER
Close: EOD 2,722.95 * EOPW 2,777.93 * EOPM 2,749.77 * EOPY 3,612.98
Change: TODAY -26.82 * WTD -54.98 * MTD -26.82 * YTD -890.03
Change: TODAY -0.98% * WTD -1.89% * MTD -0.90% * YTD -24.63%
Value: 2,235,409,000

MARKET BREADTH
Net Adv Issues: -11
Net Up Volume: -120,868,980
Net Foreign Buying: TODAY -157,825,215 * WTD -32,064,213 * MTD -157,825,215 * YTD -20,203,873,107

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