SET Index : Volume is the missing ingredient for a successful breakout above 1000
March 7, 2011 Leave a comment
If the SET’s day candle so far was formed on 15bn or more we would be excited, but on 7.7bn so far, a breakout may need to wait a tad longer. The local market makers may tick the SET up to 1005-1007, but the risk of an opening gap down tomorrow will increase if a strong close on very poor volume is posted today.
We do believe the SET should be able to rally above the 1K mark, just the timing is suspect in our view. As such we prefer very short term trading activities for now, albeit with swing trade entry worth a look in some of the large blue chips trading at deep supports – like our call to enter SCC and BANPU this morning.