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 29, 2008

PSEi 5/29/08 PHILIPPINE STOCK MARKET TECHNICAL ANALYSIS

PRICE AND TURNOVER
Close: 2,802.22
Change: -31.05(-1.10%)
Value: 2,331,748,000

MARKET BREADTH
Net Advancing Issues: -60
Net Up Volume: -406,140,370
Net Foreign Buying: -52,825,235

TRENDS
* MAJOR UPTREND | Corrective wave | Prior support 2034 Jun-2006 | Prior resistance 3896 Oct-2007
* INTERMEDIATE DOWNTREND | Directional wave | Prior support 2712 | Prior resistance 3052 | Broken trendline | MACD bullish divergence
* SHORT TERM DOWNTREND | Broken trendline | Downswing | Prior support 2712 | Prior resistance 2903

CHART WATCH
The near term occurrence of any of the following events should be considered a signficant technical signal: (1) a break above 2903, (2) a break below 2712, or (3) the next reaction high.

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