PTT : Strong cluster of support from 355 to 360
April 28, 2011 Leave a comment
PTT looks as if it will come off and test 360 or so, possibly 355 in the near term. Use 368 as the VST breakdown point, and 372 as the early warning sign if it fails today, and the OFFER suddenly increases at this price (and up).
Oil futures are overbought, but with the free money policies of the US Fed still entirely in play, this wil be but a correction, not a trend reversal we think. As such,m re-entry on weakness will be worth serious consideration in the not too distant future, and as always, we will inform you when we decide to go long again.