SET Index : Institutional volume trend peaked for now
April 28, 2011 Leave a comment
The SET has some support at 1084 and 1080, and again from 1068 to 1073, so even a spot of heavier profit taking than seen so far will not see the Index pull back with vigor just yet. The Cambodian border issues have done little to rattle market participants, and all in all the technical situation is a tad negative but hardly an angry bear waiting to be unleashed.
Given there are yet more holidays coming, a spot of patience may well be rewarded with entry nearer 1070 or so, albeit with many a local analyst telling us it will not fall below 1080.
We are not keen on taking fresh positions for anything more than VST trading this week, and prefer to sit on the sidelines for the most part and wait for further downside before re-entry.