CONMAT Sector : Key support at 7770 then 7680

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

 

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: