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).

Tuesday, June 17, 2008

DJIA 6/16/08

PRICE AND TURNOVER
Close 12,269.08
Change -38.27 (0.31%)
Volume 689.3M

MARKET BREADTH NYSE
Net Advancing Issues +772
Net New High -39
Net Up Volume +680,027,453

TRENDS
*PROVISIONAL PRIMARY DOWNTREND | Directional wave | Prior support 11634 | Prior resistance 13136
*INTERMEDIATE DOWNTREND | Broken trendline | Directional wave | Prior Support 11731 | Resistance 13136
*SHORT TERM PROVISIONAL DOWNTREND | Directional wave | Prior Support 12076 | Resistance 12610

TECHNICAL ANALYSIS
The index is on a correction rally within the minor downtrend. It is likely that this countertrend will encounter selling pressure at or near the trendline or around the 12400 area and turn into the next downleg of the short term decline.

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