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, August 3, 2008

DJIA 8/1/08 WEEKLY MARKET REVIEW


PRICE AND TURNOVER
Close  11,326.32 
Change -51.7(-0.45%)
Volume 704,941,184

MARKET BREADTH NYSE
Net Advancing Issues -3
Net New Highs -105
Net Up Volume -151,539,750

TRENDS
*PRIMARY DOWNTREND | Corrective wave | Prior support 10827 | Prior resistance 13136
*INTERMEDIATE DOWNTREND | Corrective wave | Prior support 10827 | Prior resistance 11698
*SHORT TERM CONSOLIDATION | Symmetrical triangle formation | Declining wave | Prior support 11125 | Prior resistance 11698

CHART WATCH
The short term timeframe has turned from a provisional uptrend to a consolidatiing symmetrical triangle | LIKELY: This minor congestion is a technical correction of the larger intermediate trend and will break in the direction of the immediate prior short term downtrend | The 2 larger timeframes are downtrending | SELL ON RALLIES.

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