SET Index : Treat any pre Songkran weakness as a time to buy if not already long to the hilt.
April 4, 2011 Leave a comment
The SET will put on another 60-80 points over coming weeks, with the 1100 level not going to hold back this QE2 fueled rally. At best a spot of profit taking pre Songkran holidays, which are very long this year might offer up some better prices, but the trend is clear and the conditions ripe for a good 6-8 weeks of excellent trading conditions, with healthy volume that will likely see a few days posting numbers in excess of 2bn dollars.
There is some theoretical resistance around the 1085 mark with first support back at last week’s target zone of 1058-1062.
For those with itchy fingers on the sell button, hold off on the blue chips for the most part….let the rally mature before off-loading and shorting TFEX SET 50 futures.