PSL : Next stop 13.00-13.10, resistance from just 14.30-14.50 now
September 26, 2011 Leave a comment
We gave a pretty bearish forecast for TTA on Sept 22nd, saying ” when 16.7 fails, a pullback to 13 or so should follow”, and its on track for such a move, closing at 14.6.
PSL is even worse off and closed on the day low of 14. We view 13.00-13.10 as its next target, and would now imagine a worse scenario whereby the stock comes off to nearer 11 in the not too distant future.
The monthly chart below is very bearish, and any rebound will struggle at just 14.50 or so.