PTT : Longer term chart points to 380 then 440-450

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.

 

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