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, July 27, 2008

PSEi 7/25/08 WEEKLY MARKET REVIEW


PRICE AND TURNOVER
Close: 2,512.72
Change: -23.19(-0.91%)
Value: 1,905,388,000

MARKET BREADTH
Net Advancing Issues: -18
Net Up Volume: -5,057,230
Net Foreign Buying: -12,160,383

TRENDS
* UNDEFINED PRIMARY TREND | Declining wave | Prior support 2034 | Prior resistance 3896
* INTERMEDIATE DOWNTREND | Directional wave | Prior support 2289 | Prior resistance 2903
* SHORT TERM PROVISIONAL UPTREND | Directional wave| Prior support 2372 | Prior resistance 2507 BROKEN

CHART WATCH
* Higher support at 2372 (7/16/2008) qualifies for a provisional short term uptrend.
* Today's break of 2507 resistance (7/9/2008) corroborates the provisional uptrend.
* For now, the provisional minor uptrend is viewed as a correction to the intermediate trend and is considered likely to find resistance at or near the intermediate trendline i.e. 2600.
* Continue to sell on rallies.

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