PT : A confirmed break above 4.16 places 5.20 as the target

PT’s monthly chart tells the story well, with 4.16 the level that needs to be cleared, preferably on a weekly candle, paving the way for a rally to 5 or so, with 5.20 the actual price resistance from April-May 2007.

However, in the VST, and given it recently went to 4.46, there could be a period of consolidation with a downside bias, so look for a failure at 4.14 to point to the gap from 3.98 to 4.06.

As such the stock is MT bullish but VST dangerous, although if it holds above 4.14 for a short while longer expect another go at 4.46.

Certainly worth to monitor for the next short while.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: