SET Prop : Down but not out

The PROP sector has key support at 136.70 or so, and a failure for this level will likely see it come off to 135.60 or so, possibly to 135 or so.

Luckily key resistance is not far off at 140-142 or so, with any letup in the bad news likely to result in a snap rebound.  As with the banks, watch for unusually heavily selling as a sign the game is over, but for now it is not, and there is still hope the next few days may not result in the worst case scenario playing out in Japan.

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: