IVL : See how it copes at 51.00-51.50
April 28, 2011 Leave a comment
IVL will likely dip to 51.00-51.50, and it is how it copes at this key near term support that will give us direction for the next week or so.
If it holds here, then a a retest of last year’s high at 61.50 will be a distinct possibility, but if it fails we doubt the 50 day EMA at 50.7 or so will be the low for this corrective wave (nothing to do with Elliot wave, which is a lot of rubbish as far as Hoonthai and friends have observed over the decades.
We think a dip to nearer 47-48 is more likely, but unless the US Dollar really starts to rebound, Thai stocks are up for at least one more decent spike, and as with many other stocks, we are buyers for the rebound.