For PDS as well as further information in regards to VAP ETF, please visit Vanguard Australia Website.
I have elected to look at this AU property ETF as a proxy to what property sector may be up to ?
What caught my eye is the completion of a BEARISH SHORT TERM PIVOT POINT REVERSAL which was formed on EOW basis. Only a short term development at this stage.
What does this mean in simple terms one may ask ? Over the next 5 – 10 weeks, VAP is likely to correct ,which may be a flat ( TR) or in the form of a pullback. In any case, the zone of $79 – 82 is seen as the first line of support which may be worth noting and observing on any retest.
Is the SMART MONEY repositioning themselves from property to other sectors ? May well be the case, but to early to make such a call by looking at a single short term reversal bar. The SUPPORT LEVEL may provide us with further clues, if and when tested.
VAP.ASX weekly chart below.
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