BANPU : A retracement to nearer 640 looks likely during Q3

BANPU’s technical setup is rather bearish, and for the next few weeks could easily trade down to 690-700. Treat any near term rebound strength as a time to offload if still heavily long, with a Q3 correction to nearer 640 looking likely to us.

The stock has strong resistance just above 740, with an initial level at 733-738.

If support at 712-714 fails to hold, then the fall will be all the quicker.

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