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 10, 2008

PSEi 6/10/08 PHILIPPINE STOCK MARKET TECHNICAL ANALYSIS

PRICE AND TURNOVER
Close: 2,645.95
Change: -93.75(-3.42%)
Value: 4,252,693,000

MARKET BREADTH
Net Advancing Issues: -87
Net Up Volume: -830,515,860
Net Foreign Buying: 583,054,643

TRENDS
* MAJOR UPTREND | Corrective wave | Prior support 2034 | Prior resistance 3896
* INTERMEDIATE DOWNTREND | Directional wave | Prior support 2712 | Prior resistance 2903 | Broken trendline | MACD bullish divergence
* SHORT TERM PROVISIONAL DOWNTREND | Downswing | Prior resistance 2868 | MM TP 2564

TECHNICAL ANALYSIS
The index breaks the important 2712 support in a big way closing lower by 3.42%. Using the magnitude of the recent minor downtrend, we could see the index hit 2564 in this downleg.

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