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).

Monday, August 11, 2008

PSEi 8/8/08 WEEKLY MARKET REVIEW


PRICE AND TURNOVER
Close: 2,692.81
Change: 8.17 0.30%
Value: 2,562,855,945

MARKET BREADTH
Net Advancing Issues: 19
Net Up Volume: 1,692,365,260
Net Foreign Buying: -179,607,158

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 has broken thru the intermediate down trendline. POSSIBLE: An intermediate trend reversal is in the offing and the minor uptrend is part of the first leg of the new secondary uptrend. If a higher low appears sometime in Aug or Sep and a break of the 2903 resistance level materializes in reasonable proximity, then that will indeed qualify for a provisional intermediate uptrend. LIKELY: Viewed in the context of a declining wave in the primary trend, the POSSIBLE intermediate trend reversal should be considered as the first corrective wave coming after the first leg of a new provisional downtrend with a possible Fibo retracement resistance level of up to 2900 and 3200 before going into the second directional wave.

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