KTB : Treat any VST weakness as an opportunity to buy again
March 9, 2011 Leave a comment
KTB will ultimately pass the band of resistance from 17.60 to 18.20, and all the sooner if institutional flows remain on the buy side, and the Middle East doesn’t see another country succumb to chaos.
Yes there is further resistance at the recent peak 18.80-19.10, but we are looking for a weekly close at 1820 or better as the signal multi week advance to 21-22 will occur. On a longer term basis we see 32 to 34 as a valid target, albeit many quarters away.
For Thursday first support is 17.10, and a stronger level at 16.80 down to 16.60.
Initial resistance is 17.50 then Wednesday’s high at 17.7