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).

Friday, August 8, 2008

DJIA 8/7/08

MARKET BREADTH NYSE
Net Advancing Issues -1,771
Net New Highs -93
Net Up Volume -3,162,752,659

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

CHART WATCH
The index fails to break the minor resistance. The short term consolidation morphs into an ascending triangle.

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