Yesterday's market: The SET continued to increase after the lowerthan-expected U.S. employment data propelled investor hope that the Fed would put off a rate hike. However, there was selling that pressured the index when it increased and caused it to be volatile due
to several uncertainties and lack of fresh catalyst.
to several uncertainties and lack of fresh catalyst.
Today's outlook: We believe there is still risk that the SET will fall after the index has rebounded quite sharply and quickly. This morning, there was support from bright international investment sentiment thanks to the Fed chair's statement which indicates confidence over U.S. economic recovery. Moreover, global crude price increased by over 2% following attacks on oil pipes in Nigeria and U.S. dollar depreciation. However, Asian stock markets' gain remained limited. In addition, they were quite volatile due to concern over interest rate. Hence, investors need to remain cautious over selling pressure.
Strategy: Given that, FSS recommends that investors wait to buy on weakness and hold the bet that is already placed to wait for a new round of rallies. Our index target is 1500.
Support 1440-1436, 1430-1426
Resistance 1445-1446 , 1450-1452
Source: fnsyrus.com / settrade.com
