PTT : If it clears 345, our target will be 380
February 24, 2011 Leave a comment
On Feb 20 we commented on PTT as follow : PTT should test 338-339 promptly this week. We view 342 as a more difficult barrier, but given a decent spike in crude prices above US$ 92 then it should at least test this range in the VST. First support is 330-332, and initial resistance is 336, but given institutional flows remain firm, which looks likely, then PTT should get very close to 342 in the very near term.
The stock is now at 342 after hitting a high at 345 and given we are right and oil continues to rally above 100 PTT may just be able to clear the very significant barrier of 345 and open up a window to move on to challenge the recent high at 351 – and probably take it out placing 380 as its next main target.
A failure to pass 345 this week will probably see PTT come off to 332 or so quickly.