Yesterday's market: The SET was down right after the bell because most Asian stock markets moved in negative territory. Although Fed meeting results were in line, the concern over a Brexit continued to pressure.
Today's outlook: FSS expects the SET to stabilize and rebound back to positive territory after the index tumbled quite sharply yesterday. Moreover, there should be support this morning from the news that Brexit campaign is temporarily suspended following the murder of a British lawmaker that supported the country to stay in the EU. Given that, investors are more hopeful that the Briton might decide to remain in the Union, despite the latest poll which indicates more people would like to leave than stay. This morning, most Asian equity markets began to turn to rise, in line with Wall Street which turned to end strongly higher overnight. As a result, we remain optimistic about buying momentum in Thailand.
Strategy: FSS continues to believe that the SET's fall is temporary. Moreover, it is still possible that there will be buyback to support the market when it decreases. In particular, we expect the SET to climb to our index target of 1500. For this reason, we recommend that investors buy on weakness and then hold, waiting for a new round of rallies.
Support 1410-1406 , 1403-1396
Resistance 1414-1416 , 1420-1425
Source: fnsyrus.com / settrade.com
