BANPU : A retracement to nearer 640 looks likely during Q3
May 22, 2011 Leave a comment
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.