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Thailand

29th June:  Two scenarios for the index: either we see a double top scenario or the index continues to rally over the next few weeks and months to test the 720 resistance. Volume over the last week was low, which tends to support the bearish scenario. I would consider 720 unlikely. But markets are full of surprises. We shall have to wait and see what happens in the next couple of weeks.
 



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Charts current to 26th June, except where otherwise indicated


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Two scenarios: continuation along the channel to test resistance at 720 (green) or double top (pink). Low daily turnover - around 20 billion baht or less - would be an indication of the top scenario. A close at 640 would tend to indicate the continuation scenario (green).

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Similar scenarios for the banking sector.

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Top scenario for finance in green. Continuation in pink.

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Communications looks bullish.

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Topping (green) and continuation (pink) scenarios.

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Similar scenarios for Energy.

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Topping scenario. Continuation is also plausible.

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Charts below current to 19th June.
Turn on the 630 double resistance in green and orange.

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Resistances shown in green, channel in orange.

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Supports and resistances.

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Resistance in green turned the sector.


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Still bullish while the channel holds.

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A turn on resistance in green.

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Strong resistance in black and green.

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Chart current to 30th May.
PE for the SET is now close to resistance in green. At around 20 the market is now the most expensive that it has been since 1995. That suggests that earnings have dropped dramatically in the last few months.

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Link to individual Thai Stock Charts


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