PSEi 8/8/08 WEEKLY MARKET REVIEW by Whipsaw
12 August 2008
PRICE AND TURNOVER
Close: 2,692.81
Change: 8.17 0.30%
Value: 2,562,855,945
MARKET BREADTH
Net Advancing Issues: 19
Net Up Volume: 1,692,365,260
Net Foreign Buying: -179,607,158
TRENDS
* UNDEFINED PRIMARY TREND | Declining wave | Prior support 2289 | Prior resistance 3896
* INTERMEDIATE DOWNTREND | Broken trendline | Correctivel wave | Prior support 2289 | Prior r
esistance 2903
* SHORT TERM PROVISIONAL UPTREND | Directional wave| Prior support 2372 | Prior resistance 2507 broken
CHART WATCH
The short term uptrend has broken thru the intermediate down trendline. POSSIBLE: An intermediate trend reversal is in the offing and the minor uptrend is part of the first leg of the new secondary uptrend. If a higher low appears sometime in Aug or Sep and a break of the 2903 resistance level materializes in reasonable proximity, then that will indeed qualify for a provisional intermediate uptrend. LIKELY: Viewed in the context of a declining wave in the primary trend, the POSSIBLE intermediate trend reversal should be considered as the first corrective wave coming after the first leg of a new provisional downtrend with a possible Fibo retracement resistance level of up to 2900 and 3200 before going into the second directional wave.
Copyright (c) Whipsaw 2008. All rights reserved. Whipsaw Blog is open by invitation only. DISCLAIMER. Posts appearing in this blog are solely intended for the study, research, and practical application of technical analysis and do not constitute recommendations or solicitations to invest or trade in specific stock securities. The author does not guarantee the accuracy of the charts and the underlying data
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