Yesterday's market: In the morning, the SET was able to steady in narrow range. In the afternoon, the SET started to rebound to end up well after it tumbled quite sharply in the last two days thanks to support from global crude which began to recover.
Today's outlook: The SET looks likely to continue to rally after global crude continued to increase in the evening after the market was closed. Specifically, crude was able to turn to end up by over 3%. The gain was supported by a decline in U.S. oil inventories last week, which helped ease investor concern over supply glut. Given that, Wall Street started to end up, while several European stock markets turned to close higher, a factor that helped most Asian equity markets to continue to increase. However, the gain was modest because there was no fresh catalyst to support. In Thailand, FSS expects the SET to rebound within narrow range. Moreover, there is risk that the index will turn to fall again.
Strategy: We expect the SET to rebound in the near term after the index dropped sharply in the last two days. After which, there is risk that the SET will turn to fall again. For this reason, we recommend that investors wait to buy when the index decreases.
Support: 1505-1502 , 1497-1493
Resistance: 1508-1512 ,1515-1518 ,1520-1524
Source: fnsyrus.com / settrade.com
