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 6, 2008

PSEi 8/6/08

PRICE AND TURNOVER
Close: 2,697.21
Change: 94.83 3.64%
Value: 3,667,500,000

MARKET BREADTH
Net Advancing Issues: 86
Net Up Volume: 1,556,463,370
Net Foreign Buying: -255,811,961

TRENDS
* UNDEFINED PRIMARY TREND | 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
The short term uptrend races past the declining intermediate trendline. The next critical level becomes 2903 which is the prior resistance level of the intermediate trend. IF the minor uptrend breaks above this resistance, it will qualify as a non-failure swing scenario that effectively ends the current secondary downtrend and lead to EITHER a consolidation or reversal. A more detailed analysis will be posted on the next weekly review

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