PTT : Should retrace to the low 300’s in coming weeks.
May 22, 2011 Leave a comment
PTT has first main support at 350-352. It may take until July before it comes off to nearer 300-310, but we think the chances of this are high, and do not see the stock passing 368-370 easily now.
The oil price is of course a major factor and there are worries there too, albeit with a dead cat bounce scenario possible before a steep correction starts in earnest.