Charts – Weekly

Latest thoughts from Ploy, she warned us of the current market pullback last week, lets see what she has to say going forward.

I feel like an egg I hunted during Easter has hatched and turned into a T-rex.  :( 

The SET is showing a negative signal at this key resistance. Combining with some other signals, this is not a very good situation.

 

The Dow Jones index has dropped from its weekly resistance, the same resistance that marked the beginning of Subprime crisis in 2007. The nearby support awaits at 12,750-12,735. Falling below this support may lead the index down to 11,735 or 11,250-11,230. Resistances are at 13,000-13,100.

 The SET index may head down to test the support at 1,144 or lower at 1,135-1,130. At the moment, the index has fallen below the rising channel it has built since last October. The downside I see now is as low as 1,100. However, it is likely that the SET may recover from the given support at 1,100, but if I am wrong and the index closes below 1,100, we may just have to run as fast as we can.  J  On recovery, the SET must breach above the resistance at 1,182-1,185 in order to head higher.

 

The Bank sector, which has helped push the SET up for a couple of weeks, now tumbled from its weekly resistance and may head down to 435-430. We have to wait and see whether it can regain strength from 435-430. If not, the downside is around 330-326.

For those who trade SET50 index futures, I have called Short last Thursday when the S50M12 fell below 834.50. If you happen to have a Short position on the S50M12 contract, aim to take some profit at 803 and 793, as shown in the chart above. Do take some profit along these supports, because the contract may make a rebound from there. But, if not and the contract falls closes below 787, you may add to the position and enjoy the fall. The stoploss line is at 826.  :) 

Thanks Ploy! if you have any questions please do not hesitate to contact her @ ploy@thaicapitalist.com

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