Strategy:
The SET ended the week higher for the fourth week in a row by more than 100 points, while there were not many fresh catalysts. Given that, there is high possibility that the SET will see selling that pressures the index to fall. In this regard, we expect the SET to fall to
1360 or lower, which will serve as an opportunity to accumulate. For this reason, we recommend that investors wait to buy on weakness.
1360 or lower, which will serve as an opportunity to accumulate. For this reason, we recommend that investors wait to buy on weakness.
Technical stocks: SCI, PIMO, CPN(buy back)
Market direction:
Last Friday, both U.S. and European equity markets continued to end up. However, the gain was made possible by existing catalysts, i.e. a recovery in global crude that still needs clarity from an OPEC meeting in mid April. Moreover, investors responded positively to the last round of FOMC meeting results held on March 15-16 when the Fed decided to keep its policy rate on hold and revised down its forecast for the number of rate hike this year. With that, Asian stock markets did not respond much to the gain in the U.S. and Europe. To elaborate, most Asian equity markets opened lower. Meanwhile, the SET was volatile and moved more in negative territory than in the recent past due probably to lack of fresh catalyst. What's more, the Thai stock market has rallied to reflect nearly all of the positive news, causing some investors to look for opportunity to lock in profit to reduce risks. For this reason, FSS believes that the SET will fall for a while before it sees buying that will support the market to climb going forward. Finally, we recommend that investors wait to buy on weakness.
Support 1380-1376 , 1372-1366
Resistance 1386-1392 , 1397-1400
Source: fnsyrus.com / settrade.com
