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).

Wednesday, May 7, 2008

PSEi 5/7/08 PHILIPPINE STOCK MARKET TECHNICAL ANALYSIS

MARKET SUMMARY
Local stocks take a cue from the Dow's overnight performance. The index closes on an uptick slightly higher by 11.73 pts on above average volume. Net foreign selling of 250,248,450 betrays the weakness in todays advance.

PRICE AND TURNOVER
Close: 2,739.43
Change: +11.73(0.43%)
Value: 4,178,944,000

MARKET BREADTH
Net Advancing Issues: 25
Net Up Volume: 756,016,830
Net Foreign Buying: -250M

TECHNICAL ANALYSIS AND OUTLOOK
Primary consolidation * Intermediate downtrend * Minor downtrend * Support 2500 * Resistance 3050 * Price objective 2500 * For the past 6-days, the PSEi continues to look for a new support level * Both declining trendlines appear to be robust * Expect the index to continue in the direction of the minor downtrend.

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