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, July 29, 2008

PSEi 7/28/08

PRICE AND TURNOVER
Close: 2,540.81
Change: 28.09(1.12%)
Value: 1,748,858,000

MARKET BREADTH
Net Advancing Issues: 14
Net Up Volume: 60,874,630
Net Foreign Buying: -282,815,486

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 2650

TECHNICAL ANALYSIS
The index is in a provisional minor uptrend which for now is viewed as a technical correction to the larger intermediate downtrend. Resistance is likely at or near the intermediate trendline and/or prior resistance of 2650 in the minor trend.

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