PTT : Keep an eye on oil

With little resistance from last week’s high of 360 until 378-380 or so, PTT may have another go at 360, possibly go a few spreads higher, but is at risk of a spot of profit taking if NYMEX Crude futures peak early this week and start to retrace. The stock has decent support from 344 to 350, and if not already long only even consider a punt at current price or more of there is another Arab state hitting the headlines with fresh chaos for CNN to devour, because otherwise the risk of a correction in oil is increasing – regardless of Friday’s very strong close.

 

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