Latest thoughts from Ploy !
As we are in the last week of the year 2011, there is no joy to the world of investment. The SET hit the cycle resistance during Christmas and fell back down, as the Baht is weakened against the Dollar. From the chart, the Baht/Dollar exchange rate may head up to re-test the barrier at 31.42-31.44 again, and a breakout above this barrier will be a negative to the SET.
The SET didn’t manage to stay firmly above the barrier at 1,043-1,045, and as it tumbles now, the support is at 1,025-1,020. Another critical support is at 1,006-1,000. If the SET falls below 1,006-1,000, it will signal a dangerous Double Top pattern, and the downside may be steep. I wouldn’t recommend buying anything now.