Yesterday's market: The SET continued to be volatile in the beginning of the session. Moreover, there was more selling pressure in the afternoon that caused the market to end lower due probably to investor concern over Brexit result.
Today's outlook: FSS expects the SET to continue to be volatile, in line with the news about Brexit result, which will become known tonight. Given that, it is likely that the index will continue to swing wildly within narrow range intraday after the latest poll indicates that those in favor of a leave begins to rise again. Nonetheless, it is still considered a close tie. Meanwhile, although global crude continued to fall by over 1% overnight, there were times that it rebounded. This morning, Asian equity markets were quite steady. Specifically, they moved back and forth from positive to negative territory within narrow range.
Strategy: Given that, FSS recommends that investors wait to buy on weakness. What's more, since we continue to anticipate the SET will climb to our index target of 1500 going forward, we suggest that investors hold already-have positions, waiting for a new round of
rallies.
Support 1422-1418 , 1415-1410
Resistance 1428-1430 , 1433-1436
Source: fnsyrus.com / settrade.com
