SET Energy Sector : A break above 22,166 places 22,978-23k as target

The SET Energy Sector is of course acting as fat cushion for the SET and SET 50, with the longer term  monthly chart pointing to a breakout above resistance from 22,123-22,166 with little to stop the advance (Middle East chaos willing) to 22,978 the May 2008 high.

Even a week or two of oil trading strongly above 100 should be enough to propel the SET Energy Index to or very near the 23k level, and when calm eventually  returns to the Arabs, expect a vertical drop.

 

 

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