SET 50 : Wait for a break above 700 or below 681
March 2, 2011 Leave a comment
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.