TCAP : Firm support at 29.50-30.00, breakout >31.50 places 34-35 as the target
August 2, 2011 1 Comment
TCAP looks tired, and by the end of the year with Thai interest rates climbing to 4% in our view (We suspect BoT will hike 25bps 3 more times before the end of 2011) then the stock may not be able to find support as easily as it looks to be doing now. With 29.50-30.00 looking firm it would take a big volume breakdown here to turn it properly bearish, and even then 28 or so is also a firm support.
If it holds firm, finds some fresh buyers and takes out 31.50 it will have a technical target at 34-35. All the more likely if the US markets start to rebound in the very near term.