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 22, 2008

PSEi 5/22/08 PHILIPPINE STOCK MARKET TECHNICAL ANALYSIS

The PSEi is on its 2nd day of decline after finding resistance on Tue May-20. We need to be watchful for a direction to develop in the short term trend and of any near term breaks outside the new resistance level of 2903or the 2712 support level.

TRENDS
* MAJOR UPTREND | Corrective wave | Prior support 2034 Jun-2006 | Prior resistance 3897 Oct-2007 |
* INTERMEDIATE DOWNTREND | Directional wave | Prior support 2712 | Prior resistance 3051 | Broken trendline | MACD and RSI bullish divergence
* UNDEFINED MINOR TREND | Downswing | Prior support 2712 | Prior resistance 2903 |

PRICE AND TURNOVER
* Close: 2,838.58 * Change: -33.87(-1.18%) * Value: 2,143,417,000

MARKET BREADTH
* Net Advancing Issues: -26 * Net Up Volume: 711,838,040 * Net Foreign Buying: -103,604,279

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