Consumer stocks- down but not out yet!

Consumer stocks- the darling of our market- have succumbed to profit-taking in the past 2-3 weeks. The Consumer index is still in a long-term uptrend line, with support at 480. It is currently at 515.

Chart 1: Consumer's weekly chart as at Nov 23, 2012_12.15pm (Source: Quickcharts)

Among the big losers are Nestle and BAT, both are at or tested their respective 40-week EMA line (which I regard as the proxy for the medium-term uptrend). We need to see a strong rebound from this level if these stocks are to stay in their uptrend. Let's wait & see.


Chart 2: Nestle's weekly chart as at Nov 23, 2012_12.15pm (Source: Quickcharts)


Chart 3: BAT's weekly chart as at Nov 23, 2012_12.15pm (Source: Quickcharts)

Note: 
In addition to the disclaimer in the preamble to my blog, I hereby confirm that I do not have any relevant interest in, or any interest in the acquisition or disposal of, Nestle & BAT.