CONMAT Sector : 1000 points to shed… beware.
February 10, 2011 Leave a comment
The CONMAT sector is worth a look on a long term chart – in this case the quarterly one. With three peaks – 1994, 2004 and now 2010, there is reason to worry if you are heavily invested in the sector. There could well be a period of difficult trading here, with little support at all from the current 7605 until 7330 or so. Indeed a quick pullback to 7200 or so looks very likely, with a reasonable chance this sector index will shed another 1000 points from its current level over the next few months.