CONMAT Sector : 1000 points to shed… beware.

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.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: