PT : A confirmed break above 4.16 places 5.20 as the target
August 1, 2011 Leave a comment
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.