PTT : Could stall near 377 this week.
April 17, 2011 Leave a comment
We gave 378-380 as the swing target for PTT several weeks ago, and it was squarely hit before the holidays. We think it might move to 376-377 again early in the week, but unless flows are very strong it could get held back here, and given a US equity correction, may dip and retest 360 or so, possibly down to 350-352.
We are still bullish on the stock, but analysis of Dow and S&P500 charts suggests caution is advised early this week, so even though Monday might go well due to a back log of orders, it is not likely to be a week of linear ascension.
For NYMEX June Crude Futures (CL1M) use US$ 108.80 as first key support and US$ 111 as intial but strong resistance.
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