Thailand SET Index (NYSEARCA:THD): The SET may be about to fall off the cliff as a political war of words is heating up

 


The SET index is bouncing along the base of a bearish descending triangle at ~ 1,520 as a political war of words is heating up. From the market action, investors seem to have no clear visibility of the political landscape in Thailand. This can go on until parliament votes for a new prime minister and a new cabinet is officially appointed. And that could take place at the beginning of August if everything goes well.

To make matters worse, the Bank of Thailand raised its key interest rate to 2.0% on Wednesday. That is a sign the BOT is still concerned about inflation.

Meanwhile, foreign investors are taking their money out of the Thai financial market, as the relative strength (RS) between MSCI Thailand and MSCI EEM (Emerging Markets) continues to head lower, under its 50-day EMA. Beware that a break below the 1,520 base could send the SET index down to retest bear market territory ~1,482.01.

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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