Yesterday's market: The SET continued to rebound in the morning session thanks to expectation on Brexit referendum that the U.K. will remain in the EU. However, since the matter is still uncertain, the index was volatile in the afternoon. Today's outlook: We expect the SET to continue to be volatile after many regional equity markets opened down. Last night, European stock markets continued to end strongly higher thanks to anticipation that the U.K. will decide to remain in the EU, while Wall Street saw positive news after the Fed chair expressed her confidence that U.S. economy will not go back to recession. However, the Dow only inched up as investors wait for clarity from a Brexit referendum tomorrow (June 23), while global crude began to be volatile and decrease.
Strategy: Given that, FSS continues to believe that the SET will climb to our index target of 1500 in the future. However, investors still need to watch out on volatility and a fall in the near term. For this reason, we recommend that investors wait to buy on weakness and hold the position that they already have in order to wait for a new round of rallies.
Support 1428-1425 , 1422-1418
Resistance 1433-1436 , 1440-1446
Source: fnsyrus.com / settrade.com
