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 24, 2008

PSEi 6/23/08

PRICE AND TURNOVER
Close: 2,499.38
Change: -79.19(-3.07%)
Value: 1,937,451,000

MARKET BREADTH
Net Advancing Issues: -82
Net Up Volume: -560,320,940
Net Foreign Buying: -134,138,238

TRENDS
* UNDEFINED PRIMARY TREND | Broken UP trendline | Corrective wave | Prior resistance 3896
* INTERMEDIATE DOWNTREND | Directional wave | Prior support 2510 | Prior resistance 2903
* SHORT TERM DOWNTREND | Directional wave | Prior support 2510-Broken| Prior resistance 2650

CHART WATCH
The prior support of 2510 in the minor trend is broken today. The cycle length of the intermediate trend suggests that a potential upside correction in the form of a short term rally may be due soon.

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