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).

Sunday, June 22, 2008

PSEi WEEKLY REVIEW 6/20/08


PRICE AND TURNOVER
Close: 2,578.57
Change: -14.02(-0.54%)
Value: 2,248,899,110

MARKET BREADTH
Net Advancing Issues: -34
Net Up Volume: -1,033,523,710
Net Foreign Buying: 309,676,860

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

CHART WATCH
The index continues its short term and intermediate downtrend. Coming from an interrupted uptrend, the primary trend, although technically undefined, has been on a declining wave since Oct-2007. The next critical level is the prior support of 2510.

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