PTT : Longer term chart points to 380 then 440-450
February 27, 2011 Leave a comment
On Feb 24th we said of PTT “If it clears 345, our target will be 380” Closing the week at 343, the stock has posted an 8 candle advance on the monthly chart (below) and we really can not reject the possibility of a move to or near 380 over the next week or two.
For Monday NYMEX Crude needs to hold above US$ 95 if oil stocks are to avoid a brief period of weakness, but in PTT’s case it has strong support from 332 to 336, and in unlikely to pull back far just yet. That would need a major reversal in oil and a quick end to Middle Eastern issues, which we suppose is possible if a tad unlikely.