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, September 15, 2008

PSEi 9/15/08

PRICE AND TURNOVER
Close: 2,536.16
Change: -109.96 -4.16%
Value: 1,910,846,000

MARKET BREADTH
Net Advancing Issues: -81
Net Up Volume: -83,756,450
Net Foreign Buying: -840,321,284

TRENDS
* PRIMARY DOWNTREND | Directional wave | Prior support 2289 | Prior resistance 3896
* INTERMEDIATE DOWNTREND | Broken trendline | Directional wave | Prior support 2289 | Prior resistance 2903
* SHORT TERM DOWNTREND | Directional wave | Prior support 2632-BROKEN | Prior resistance 2755

CHART WATCH
The failure swing in the minor uptrend evolves into a reversal when the index breaks the prior support of 2632 and in the process ensures a lower low subsequent to the lower high exhibited early September - a new downtrend. This declining price action is accompanied by new YTD highs of net foreign selling that today stands at 24.7B. All of the PSEi's 3 important trends are now headed south finally succumbing to the Dow's influence which exhibited a similar move very recently. Did i hear anybody say decoupling?

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