SET Index (INDEXBKK:SET) Thailand HEFFX Trading Outlook

SET Index (INDEXBKK:SET) Thailand HEFFX Trading Outlook

SET Index (INDEXBKK:SET) Thailand HEFFX Trading Outlook

Short term: Prices are stalling.

Intermediate term: Prices are ranging.

The projected upper bound is: 1,582.55.

The projected lower bound is: 1,546.06.

The projected closing price is: 1,564.30.

SET Index closed down -5.360 at 1,564.660. Volume was 10% below average (neutral) and Bollinger Bands were 49% narrower than normal.

Open            High             Low                Close             Volume
1,571.160     1,572.770     1,562.200     1,564.660     8,508,528,128

Technical Outlook
Short Term: Oversold
Intermediate Term: Bullish
Long Term: Bullish

Moving Averages: 10-period             50-period               200-period
Close:                      1,575.55                 1,568.55                 1,526.35
Volatility:               7                              7                              14
Volume:                 7,814,992,896      9,227,324,416      10,867,635,200

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.

Summary Thailand
SET Index is currently 2.5% above its 200-period moving average and is in an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of .SETI at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on .SETI and have had this outlook for the last 18 periods.

Thailand, Bangkok, Asia, HEFFX, SET, Index, BKK, Shayne Heffernan, Outlook

HEFFX Candlesticks Thailand
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 23 white candles and 27 black candles for a net of 4 black candles.

An engulfing bearish line occurred (where a black candle’s real body completely contains the previous white candle’s real body). The engulfing bearish pattern is bearish during an uptrend. It then signifies that the momentum may be shifting from the bulls to the bears.

If the engulfing bearish pattern occurs during a downtrend (which appears to be the case with SET Index), it may be a last engulfing bottom which indicates a bullish reversal. The test to see if this is the case is if the next candle closes above the bottom the current (black) candle’s real body.

HEFFX Momentum Thailand
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.

Stochastic Oscillator
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 11.2938. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a sell 15 period(s) ago.

Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 44.00. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 55 period(s) ago.

Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is -145.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a sell 5 period(s) ago.

MACD
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 4 period(s) ago.

 

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John Heffernan

John Heffernan is a Junior Analyst at HEFFX. John is studying Economics and is a contributor on equities at Live Trading News.

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