CONMAT Sector : Key support at 7770 then 7680
March 11, 2011 Leave a comment
CONMAT sector has tried and so far failed to pass key resistance at 7900-7910 for 6 weeks now, so we can safely assume if it was to breakout a decent move should follow – probably right to 8080-8130, with upper resistance nearer 8370 or so.
From the day chart there is key support for the sector from 7770 to 7680, and this range will likely be retested. If it holds, good, a bullish sign…..and one that a move north of 8K should be seen shortly.
However a breakdown at 7680 would not be good news, with lower support nearer 7550