ENERGY : Heading to 21,870-21,900 again
March 3, 2011 Leave a comment
The Energy sector peaked 6 sessions ago, but the correction since has not seen much downside at all.
The day chart has several trend resistance lines just above current [prices, and when this cluster of resistance is taken out the sector will fly. For today a rebound to 21,870-21,900 looks likely, with PTTEP the pout performer of late. Top should get to or within a spread of 76, PTT will not take long to revisit 339-340, and as noted earlier in the week we think PTTEP has a sporting chance to advance to 189 before long.