Thai Airways (THAI) Monitor for a daily close below 37.50

Thai is best viewed on the monthly chart, which gives 34 as a key levels for the national carrier. Currently at 37.50, there is a battle going on between buyers and sellers, so firstly watch for a daily close below 37.50 – its 200 day SMA, then at 34 for signs on another quick relief trade. If however 34 fails to hold we expect the stock will correct to 30-31 at best, with some chance of a pullback to nearer 27.50-28.50. We will however monitor closely if it falls to 30 because there is strong support and a brief bounce should be seen, if not a trend reversal.

 

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