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).

Friday, November 7, 2008

PSEi 11/7/08 WEEKLY MARKET REVIEW


PRICE AND TURNOVER
Close: 1,921.34
Change: -20.28 -1.04%
Value: 1,560,312,755

MARKET BREADTH
Net Advancing Issues: -100
Net Up Volume: -1,207,340,820
Net Foreign Buying: -336,288,113

MULTIPLE TIME FRAME ANALYSIS
* MONTHLY CHART | Primary DOWNTREND | Prior support 1684 | Prior resistance 2778
* WEEKLY CHART| Intermediate DOWNTREND| Prior support 1684 | Prior resistance 2778
* DAILY CHART | Short term DOWNTREND | Prior support 1684 | Prior resistance 1991

CHART WATCH
This market is trending down in all the important timeframes. The next critical level is the very recent support of 1684. If it does not hold off this current downleg, a new price objective of 1500 kicks in using the measured move method. NFS continues to reach new highs and is now over 38B YTD. SELL.

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