Strategy: The SET continued to see selling pressure as the market lacked fresh catalyst. Given that, FSS expects the index to continue to move sideways down. Moreover, we recommend that investors sell into strength, especially when the index increases to 1420 or higher. After which, we suggest that investors hold cash, waiting to buy on weakness.
Technical stocks: BIG, PLAT, EARTH(short)
Market direction: Yesterday, the SET turned to move in negative territory once again. Although the loss was modest, it implies continuous selling pressure. On the international front, most European stock markets fell overnight due to selling in export-related shares after the euro appreciated against U.S. dollar. Moreover, it was pressured by Eurostat's report that eurozone headline CPI decreased for the second straight month. In the U.S., Wall Street also ended lower. Although the loss was modest, the Dow swung wildly in the negative territory nearly all day owing to a report that U.S. weekly jobless claims increased more than expected. Given that, investors were cautious over selling, waiting for U.S. non-farm payrolls that are due out tonight. Although global crude was steady, it was still weak because investors were not convinced that a meeting of oil producing countries that is scheduled on April 17 will be able to find a solution to oil supply glut. As a result, there continued to be pressure on Asian stock markets; most of which opened lower. In this regard, FSS expect Thai equity markets to be hit, while no fresh catalyst is in sight. Moreover, we believe that the SET will continue to decrease and recommend that investors wait to buy on weakness.
Support 1402-1398 , 1394-1390
Resistance 1410-1413 , 1418-1423
Resistance 1410-1413 , 1418-1423
Source: fnsyrus.com / settrade.com
