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).

Monday, June 16, 2008

PSEi 6/16/08

PRICE AND TURNOVER
Close: 2,620.76
Change: 66.01(2.58%)
Value: 2,894,839,000

MARKET BREADTH
Net Advancing Issues: 32
Net Up Volume: -293,210,430
Net Foreign Buying: -125,712,072

TRENDS
* MAJOR UPTREND | Broken trendline | Corrective wave | Prior support 2034 | Prior resistance 3896
* INTERMEDIATE DOWNTREND | Directional wave | Prior resistance 2903
* SHORT TERM PROVISIONAL DOWNTREND | Corrective wave | Prior support 2510| Prior resistance 2868 | Fibo Retracement TP 2700

CHART WATCH
Today's uptick and higher trading range confirms the 2510 intraday low on Jun-12 as a recent support level that marks the start of a correction rally in the minor downtrend. A 50% retracement level of the recent downleg yields a potential upside TP at the 2700 level thereabouts after which we can expect the index to resume its trend downward.

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