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 20, 2008

DJIA 6/19/08

PRICE AND TURNOVER
Close 12,063.09
Change 34.03 (0.28%)
Volume 882.7M

MARKET BREADTH NYSE
Net Advancing Issues -13
Net New Highs -115
Net Up Volume -288,000,843

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 DOWNTREND | Directional wave | Prior Support 12076 - Broken | Resistance 12320 | TP 11800

TECHNICAL ANALYSIS
Intraday, the index falls below 12000 but manages to recover and close at 12063. The 12000 level appears to be showing a bit of support but the breadth indicators doesnt seem to give it much respect. The short term trend remains down for now. Near term TP is 11800.

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