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).

Wednesday, August 13, 2008

PSEi 8/12/08

PRICE AND TURNOVER
Close: 2,755.86
Change: -12.66 -0.46%
Value: 3,073,935,000

MARKET BREADTH
Net Advancing Issues: -54
Net Up Volume: -650,059,850
Net Foreign Buying: -523,913,529

TRENDS
* PRIMARY DOWNTREND | Declining wave | Prior support 2289 | Prior resistance 3896
* INTERMEDIATE DOWNTREND | Broken trendline | Correctivel wave | Prior support 2289 | Prior resistance 2903
* SHORT TERM PROVISIONAL UPTREND | Directional wave| Prior support 2372 | Prior resistance 2507 broken

CHART WATCH
For a reversal of the INTERMEDIATE downtrend to occur, we are on the lookout for the following critical signals: (a) a downside correction to this current rally that subsequently marks a higher low, and/or (b) a break of the 2903 resistance level.

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