Yesterday's market: The SET turned to move up again after the index fell quite sharply the other day. The gain was supported by a suspension of the Brexit campaign after a British lawmaker was shot dead.
Today's outlook: The SET continued to see support from brighter investment sentiment abroad after most European stock markets ended higher. Although Wall Street continued to close down due to concern over a Brexit late this week (i.e. June 23), investors begin to feel more optimistic that the U.K. will remain in the EU after a number of parties expressed their stance against the leave. As a result, most Asian equity markets opened up quite strongly this morning. Moreover, foreign investors continued to record a net buy position in Thailand. Hence, FSS continues to believe that market downside will be limited and the SET will rally in the end.
Strategy: FSS still believes the SET's fall is temporary. In addition, there is still prospect that there will be buyback to support the market when it decreases. In particular, we expect the index to climb to our target of 1500 in the future. For this reason, if the SET decreases, we recommend that investors buy and then hold, waiting for a new round of rallies.
Support 1419-1417 , 1412-1410
Resistance 1425-1430 , 1435-1438
Source: fnsyrus.com / settrade.com
