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).

Sunday, September 28, 2008

PSEi 9/26/08 WEEKLY MARKET REVIEW


PRICE AND TURNOVER
Close: 2,597.23
Change: 30.86 1.20%
Value: 2,852,164,000

MARKET BREADTH
Net Advancing Issues: 8
Net Up Volume: 342,474,960
Net Foreign Buying: 505,797,018

TRENDS
* PRIMARY DOWNTREND | Downleg | Prior support 2289 | Prior resistance 3896
* INTERMEDIATE CONSOLIDATION | Prior support 2289 | Prior resistance 2755
* SHORT TERM DOWNTREND | Correction | Prior support 2342 | Prior resistance 2755

CHART WATCH
The primary and the short term trends are declining. In the intermediate timeframe, the PSEi is consolidating and could be setting up for a for a potential rally. If this does happen, it should be initially viewed as a corrective leg of the primary downtrend.

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