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, June 5, 2008

DJIA 6/4/08 STOCK MARKET TECHNICAL ANALYSIS

PRICE AND TURNOVER
Close 12,390.48
Change -12.37 (-0.10%)
Volume 757.2M

MARKET BREADTH NYSE
Net Advancing Issues -310
Net New High -45
Net Up Volume -738,844,756

TRENDS
*PRIMARY UPTREND | Corrective wave | Prior support 11634 | Prior resistance 14030
*INTERMEDIATE DOWNTREND | Directional wave | Support 11634 | Resistance 13136
*SHORT TERM PROVISIONAL DOWNTREND | Directional wave | Prior support 12269 | Fibo 61.85% retracement 12264 | Resistance 12726

OUTLOOK
The Dow is on a short term downtrend and has realigned itself with the intermediate decline. Using the measured move method, we see a potential TP of 12100 in the short term trend. In the interim, the index could encounter possible buying pressure at 12260 where the prior support of Apr-14 and the 61.8% Fibo retracement converges.

STOCK MARKET, ECONOMY & OTHER HEADLINES
AP|Stocks wobble as financials weigh on sentiment|Wed June 4, 6:54 pm ET
AP|Productivity improves while wages moderate|Wed June 4, 5:19 pm ET

1 comment:

mike said...

While the DOW really is tanking, it is curious to note that the NASDAQ is stagin a very good base and if a rbeakout occurs it might signal a new bull market.

But a bull market without DJIA? Maybe it might follow. Maybe a commentary/article on NASDAQ perhaps? :)

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