TTW : Done nothing in weeks.
May 1, 2011 Leave a comment
The last time we covered TTW on April 10th, the stock was trading at 6, and we noted the following : “Tap water or dish water, we are unsure, but TTW is very dull and in much need of some fresh cash to enter and turn it around.The counter has key support at 5.90 and 5.70, with both levels up for a retest it seems. A dip below 5.70 could be very bad news and would place 5.40 as the downside target. Given 5.90 holds this week, then a rebound will need a strong close above 6.20 to give hope of a move to 7.20 on medium term basis. If we were market makers here we would force a mini panic by ticking it down to 5.65 or 5.60 or so, and would then buy it up a tad lower when sellers emerge, which they very likely would do. Just a thought.”
Little has changed over the past 3 weeks, but the chances of some upside are a bit better now, so entry at the 5.90-6.00 support, with 6.20 t0 6.30 the VST target.
If flows improve and a day or two volume in excess of 20m shares go through, then a move to 6.40-6.45 should be seen at long last.