Yesterday's market: The SET continued to rally due to strong investment sentiment from abroad after there was speculative buying on prospect that key central banks would launch additional stimulus to cope with Brexit impacts. However, there was also selling that pressured the index to be volatile and move within narrow range.
Today's outlook: Wall Street was closed last night to observe Independence Day. Given that, regional equity markets lack indicator from the Dow this morning. Moreover, there is no fresh catalyst to provide additional support, while economic stimulus to cope with Brexit impacts remain largely uncertain. As a result, most Asian stock markets turned to open lower today due probably to selling to lock in profit after several markets have increased quite sharply. In Thailand, FSS also expects the SET to be volatile and retreat. However, we believe the loss will be brief and modest before there is buying that will support the SET to turn to increase going forward.
Strategy: For the aforementioned reasons, FSS continues to recommend that investors buy on weakness and hold already-have position, waiting to lock in profit in the next round of rallies.
Support: 1452-1448 , 1445-1440
Resistance: 1456-1462 , 1467-1470
Resistance: 1456-1462 , 1467-1470
Source: fnsyrus.com / settrade.com
