TOP : Likely to retest support at 74.50-75.00

TOP has decent support at 74.50-75.00 or so, but a retest of this range looks likely. If it fails then 74 is the next level to watch, with lower support seen at and near the 200 day SMA at 72.50.

To turn bullish a daily close or two at 79 or better is needed, but for the early part of the week downside looks more likely.

TOP : At 72 or so, it’s a buy

TOP will be fine as long as 72.25-72.50 holds as first support, but if this range fails, then the stock may have to come back to 70 or so before finding a base to consolidate. A breakout above 76 is needed on stronger volume than seen of late to warrant a follow buy trade, so we will be watching for a relatively low volume pullback to 72 or so  for a potential rebound trade to 75 or so .

TOP : Outlook for Feb 21st

TOP looks like it will hit 76 today, with a breakout above this level a bullish sign for the stock. Closing last week at 74, it has initial price support at 73.75 and a reasonably strong base from 70.50 to 72.00, so treat any dip to 72 or so as a VST entry point for a test of 76. If however it opens with a gap, it might not be wise to chase it near the 76 level, unless you see crude futures rally past US$ 92 today, in which case the stock may rally to nearer 77.50-78.00 in the not too distant future.

 

Top : Signs of institutional accumulation

TOP’s day chart is showing signs of renewed institutional accumulation. There is a near term barrier from 70.50 to 72.50, but when clearer the stock will be on the right path. And will certainly have new high potential above the recent peak of 80.50.

Currently just below the resistance band noted above, key VST support is 68.50 don to 67.75. As long as this support holds, a move to or near 80 will remain on the cards.

Thai Oil (TOP) : Back to 65-66

Nearly but not quite…. TOP has some support at 69-70, but 65-66 seems a more reasonable target for now. A weekly close above 75 is needed to turn us bullish, but we think we will have to wait a while for that.

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