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, June 13, 2008

PSEi 6/13/08 PHILIPPINE STOCK MARKET TECHNICAL ANALYSIS


PRICE AND TURNOVER
Close: 2,554.75
Change: 9.86(0.39%)
Value: 2,719,993,000

MARKET BREADTH
Net Advancing Issues: 15
Net Up Volume: -639,781,870
Net Foreign Buying: -599,240,543

TRENDS
* MAJOR UPTREND | Broken trendline | Corrective wave | Prior support 2034 | Prior resistance 3896
* INTERMEDIATE DOWNTREND | Directional wave | No relevant prior support | Prior resistance 2903
* SHORT TERM PROVISIONAL DOWNTREND | Downswing | No relevant prior support | Prior resistance 2868

CHART WATCH
The local index is in a clear downtrend and there are no indications that the directional tendency is about to change. One should not initiate long positions except for individual stocks that are trending contrary to the broad market.

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