TVO : Beware strong resistance at 27.75-28.00
March 3, 2011 Leave a comment
One would have thought a veggie oil company would be in a sweet spot right now, given all the local nonce re palm oil. Hardly a world shortage we might add. Plenty here in Indonesia for those who want it.
So with the ‘palm oil police’ out in full force, TVO looks as if it might finally have more than a few spreads on the bounce, but will need a strong daily close above 28.00 to confirm.
Look for 11m shares or more to go through if a breakout move is to be even half trustable (at 28), and for those following broker buy calls for the stocks, keep in mind the 200 day volume weighted average price is 25.90, with first VST support of note at 26.50.
Entry at 26.50 or slightly higher can still be considered, but if it fails to pass 27.50 today, then it could easily slide back to 26 or so once again.