Banking to lead the SET to target of 1,750 - Communications
29th September: The
banking sector is clearly bullish and is likely to propel the
SET to target of 1,750 within the next few months.
Communications, which has been in a bear trend for more than a
year, has reversed and is now clearly bullish.
Good volume supports the
target of 1,750. The only obstacle would be the previous
high of 1,650.
on 16 year mean. Next resistance at around 1,700.
P/E chart current to
PE at 18 is marginal between the topping and bottoming
zones. Nothing much can be gleaned from the PE at the
recent high of 625 is bullish. Target of 775 has few
obstacles. Volume could not be better. This is the most
bullish indicator in the market and suggests that the SET
will reach target of 1,750 in the next one or two
770 resistance coincides with
Target reached. Resistance at
previous high or slightly lower. See below.