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).

Tuesday, September 16, 2008

PSEi 9/16/08

PRICE AND TURNOVER
Close: 2,421.72
Change: -114.44 -4.51%
Value: 2,563,759,000

MARKET BREADTH
Net Advancing Issues: -94
Net Up Volume: -1,328,710,500
Net Foreign Buying: -978,615,835

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

CHART WATCH
The PSEi goes parabolic in sympathy with the Dow. Expect a temporary capitulation leading to a bounce in the near term before resuming its downward trend. Sell on rallies.

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