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).

Friday, June 27, 2008

PSEi 6/27/08 WEEKLY REVIEW


PRICE AND TURNOVER
Close: 2,466.28
Change: -55.33(-2.19%)
Value: 7,240,933,000

MARKET BREADTH
Net Advancing Issues: -73
Net Up Volume: 311,302,880
Net Foreign Buying: 4,774,440,891

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 | Correctivewave | Prior support 2469 | Prior resistance 2650

CHART WATCH
The charts indubitably show the trends in diferent time frames declining and we should expect the index to continue to move in that general direction. The MACD vs price divergence appearing in the intermediate trend from Jan-May failed in early June when the MACD broke below the line drawn below the advancing troughs and subsequently realigned with the price decline.

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