Strategy:
FSS believes that the SET will still be on its way down at least for a while to wait for fresh catalyst to provide support. Moreover, if the index increases, the gain should be limited. Moreover, there is risk that it will move lower. For this reason, we recommend that investors wait to buy on weakness. In particular, we expect the SET to move down to technical support near 1360 (+/-). If the index increases, particularly closer to 1420 or higher, we suggest that investors sell to trim portfolios and then hold cash, waiting to buy on weakness.
Technical stocks: BCH, IRCP, CBG(buy back)
Market direction:
Yesterday, most European stock markets remained closed to observe Easter holiday. On the other side of the Atlantic, Wall Street resumed its normal trading and was volatile, moving up and down within narrow range, before it ended slightly higher thanks to the recent release of strong U.S. economic data. The modest gain comes after investor continued to wait for a Fed's statement tonight to see how the central bank views the economy and to look for signal whether there will be a rate hike shortly or not. In Asia, stock markets reflect a similar view this morning. Specifically, although most of them opened up, the gain was quite small. Meanwhile, global crude continued to decrease due to investors' cautious stance while waiting for progress from a joint meeting among oil producing countries on April 17 in Qatar. Given that, FSS expects the SET to continue to fall. Although there might be rebounds in the near term, the gains should be limited. For this reason, we maintain our call for investors to wait to buy on weakness.
Support 1387-1382 , 1380-1375
Resistance 1391-1393 , 1396-1400
Source: fnsyrus.com / settrade.com
