SET Index News
The Thai stock market has finished lower in five straight sessions, sliding almost 45 points 3.4 percent along the way. The Stock Exchange of Thailand now sits just beneath the 1,245-point plateau although it’s expected to find traction on Monday.
The global forecast for the Asian markets is upbeat, with technology stocks expected to lead the markets higher amidst bargain hunting. The European markets were mixed and the U.S. bourses were sharply higher and the Asian markets figure to follow the latter lead.
The SET finished slightly lower on Friday following losses from the financial shares and the energy producers.
For the day, the index eased 2.52 points or 0.20 percent to finish at 1,244.94 after trading between 1,241.66 and 1,256.40. Volume was 12.687 billion shares worth 45.623 billion baht. There were 898 decliners and 544 gainers, with 461 stocks finishing unchanged.
Overall, the bias in prices is: Downwards.
Note: this chart shows extraordinary price action to the downside.
By the way, prices are vulnerable to a correction towards 1,311.18.
The projected upper bound is: 1,289.27.
The projected lower bound is: 1,223.65.
The projected closing price is: 1,256.46.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 20 white candles and 30 black candles for a net of 10 black candles.
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.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 18.3720. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a buy 8 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 36.63. This is not a topping or bottoming area. However, the RSI just crossed above 30 from a bottoming formation. This is a bullish sign. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 0 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 -98. This is not a topping or bottoming area. The last signal was a buy 0 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 14 period(s) ago.
Rex Takasugi – TD Profile
SET Index closed up 13.200 at 1,258.140. Volume was 66% below average (consolidating) and Bollinger Bands were 4% narrower than normal.
Open High Low Close Volume 1,251.230 1,261.170 1,251.120 1,258.140 6,097,317,888
Technical Outlook Short Term: Oversold Intermediate Term: Bearish Long Term: Bearish
Moving Averages: 10-period 50-period 200-period Close: 1,270.98 1,314.07 1,364.77 Volatility: 15 16 37 Volume: 15,772,277,760 17,741,969,408 16,911,515,648
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.
SET Index is currently 7.8% below its 200-period moving average and is in an downward 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 bearish on .SETI and have had this outlook for the last 29 periods.