SET PETRO Sector : Key resistance at 1165
February 28, 2011 Leave a comment
The SET PETRO Sector has key VST support from 1095 to 1,120, so the current price if 1135 is a bit too close to the danger zone for comfort.
The risk of a breakdown is real, and should result in a retest of 1040 at best, and possibly a more significant pullback to nearer 920.
What is needed is a rebound and close above 1220 to change the trend, but for now there is more bearish sentiment than bullish connotations on the chart.
It should be noted a weekly rebound and close at or above 1165 would however be seen as mildly bullish for the sector.