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, July 21, 2008

PSEi 7/18/08 WEEKLY REVIEW


PRICE AND TURNOVER
Close: 2,389.52
Change: -4.10(-0.17%)
Value: 2,007,356,000

MARKET BREADTH
Net Advancing Issues: -1
Net Up Volume: 152,302,560
Net Foreign Buying: -185,395,213

TRENDS
* UNDEFINED PRIMARY TREND | Declining wave | Prior support 2034 | Prior resistance 3896
* INTERMEDIATE DOWNTREND | Directional wave | Prior support 2289 | Prior resistance 2903
* SHORT TERM DOWNTREND | Directional wave| Prior support 2289 | Prior resistance 2507

CHART WATCH
The intermediate and minor trends of the PSEi has found support at 2289. Both timeframes are trending down so for now we assume that this new support level will be broken in the near term. SELL.

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