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

PSEi 6/17/08

PRICE AND TURNOVER
Close: 2,637.26
Change: 16.50(0.63%)
Value: 2,216,720,000

MARKET BREADTH
Net Advancing Issues: 14
Net Up Volume: 747,669,940
Net Foreign Buying: -174,459,840

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
The index continues its correction of the short term downtrend. Expect potential selling pressure at 2700 which is where the minor trendline and the 50% Fibonacci retracement converge. We note that volume expands on the price troughs and thins on the price peaks-a typical sign that the prevailing sentiment is still bearish and that the downtrend remains robust.

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