Thailand SET Index (NYSEARCA:THD): Tighten your seat belts...the SET index could be heading down to retest bear market territory

 


The SET index continues to retest its March 14 low, ~ 1,525. Beware that the 600-day EMA just crossed over the 50-day EMA, meaning it could get even more bearish from here if the SET breaks below the trendline support at ~ 1,510. If that happens, the next support level is at 1,482.01, or bear market territory.

The market continues to be under selling pressures on concerns about the May 14 general elections as well as another round of rate hikes by the Thai central bank at their May 31 meeting. Falling crude oil prices and a rising Thai baht could also be part of the negative sentiments.

The Thai economy showed signs of weakening in March due to exports, per Reuters. The official first-quarter GDP is due to be released on May 15 by the state planning agency. The BOT could pause their rate hikes for now as headline inflation cooled to 2.83% in March, within their target range of 1% and 3%.

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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