KSL : Support at 12.50, 12.10 then 11 to 10.50
February 27, 2011 Leave a comment
KSL looks rather bearish on its daily weekly and month chart, which his shown below. With its 200 day EMA at 12.60 and the recent low at 12.50 but a tick or two from Friday’s close at 12.70, a rebound on stronger volume above 13.00 is needed if the counter is to avoid a sip to 12.5 or so in coming hours of trade.
There is further support at a long standing gap closure price at 12.10, and a slightly stronger base at 11.70. However we have to look as low as 10.50 to 11 or so for major support, so a daily close below 12.50 could well be a sign that more downside is in store during what is cane crunching season in Thailand.