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, October 26, 2008

PSEi 10/24/08 WEEKLY MARKET REVIEW


PRICE AND TURNOVER
Close: 1,953.49
Change: -42.43 -2.13%
Value: 2,057,153,061

MARKET BREADTH
Net Advancing Issues: -69
Net Up Volume: -844,287,180
Net Foreign Buying: -623,668,316

MULTIPLE TIME FRAME ANALYSIS
* MONTHLY CHART | Primary DOWNTREND | Prior support 1805 (Jul 2005) | Prior resistance 2778
* WEEKLY CHART| Intermediate DOWNTREND| Prior support 1805 (Jul 2005) | Prior resistance 2778
* DAILY CHART | Short term DOWNTREND | Prior support 1805 (Jul 2005) | Prior resistance 2292

CHART WATCH
Since all post 2005 support levels have given way, the next critical level becomes 1805 (July 2005) for all time frames. A near term correction is not unreasonable at or near the 1800/1750 range followed by a subsequent retest of the same level. If support fails at the retest we could see the index at 1500 thereabouts. Forced sellling by foreign institutions continue raising the YTD NFS to a new high of 35B with no relief in sight.

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