TOP : A weekly close above 86 should see it rally to 100+
April 10, 2011 Leave a comment
We view 86 as the turning point for TOP, with a break above this level seen as bullish and probably enough to force a rally to 100 or so, and above the 2007 high of 99.50. We think a move to 110-115 will unfold as long as crude does not take a major hit over the next few weeks, but there is some rick of it not being able to pass 86, with a subsequent dip to 80-81, possibly even 74.50-75.50 if we see crude fall a good 3-4% over the next 48 hours. (Seems a bit unlikely, but not impossible, such is the level of mad speculation in crude right now.)
We are quite sure you will see the stock hit the ton shortly, but from there its over to the hot money as to the exact high.