Thailand SET Index (NYSEARCA:THD): The SET could be heading down to retest bear market territory if the 1,507 level can't hold

 


The SET index sold off 2.98% this week, after the May 14 Thai general elections, as foreign investors took their money out of the Thai financial market. Investors don't like uncertainties and there are plenty of them, like now. It could have been worse if the Thailand Q1 2023 GDP, which came in at 2.7% y-o-y on Tuesday, was below the 2.3% estimate.

Keep an eye on the key technical level/trendline support at ~ 1,507 and Thai baht (USD/THB). A breakdown will send the SET index to retest bear market territory at 1,482.01. Beware that the 600-day EMA may be about to cross over the 100-day EMA, meaning more selling could be ahead.

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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