SET 50 : Wait for a break above 700 or below 681

The SET 50 closed Wednesday at 690 means 681 will be the key support that needs to hold this week if the Index is to wave off bad news from the Middle East and post another attempt at the 700 resistance.

If negative sentiment from far off shores derails the market with 682 taken out easily, then we will have to wait and see how 670 or so holds.

In terms of a weekly close, anything below 681 will be rather bearish, and above 700 somewhat bullish, hence our preference of waiting for a more decisive move before taking fresh swing trade exposure.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: