Thailand SET Index (NYSEARCA:THD): The SET index could be stuck under its 600-day EMA until the Thai central bank is done with rate hikes

 


The SET index was rejected at its 600-day EMA (1,596.07) on Wednesday before pulling back sharply to close at 1,580.73. The next support level is ~ 1,576. The market could be under selling pressures by foreign investors until the Thai central bank meets again on May 31.

At their last meeting in March, Thailand's monetary policy committee said it would continue its approach of gradual and measured policy normalization in light of the growth and inflation outlook, meaning another 25 bps hike could be on the table at the May meeting.

Stay cautious while the relative strength (RS) between MSCI Thailand and MSCI EEM (Emerging Markets) is trading under its 50-day EMA.

This note contained herein is not and should not be construed as a recommendation to buy or sell. Click here to view the latest update!


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