SET 50 : Pullback to 540-550 very likely, with 40% chance it will fall to 470-480
September 23, 2011 Leave a comment
The SET 50 Index looks to us to be headed to the 530-550 range, last seen just after the red shirt issues in Q1-Q2 2010. This is an important support zone for the SET50, and one that should hold if there is no major global financial meltdown over the next few weeks and months.
However a default or three in Europe could see 530 taken out, from where a panic driven sell-off right back to 500 and possibly even 470-480 could occur over a very short space of time.
Whatever the lows end up being for this trend move we are sure of one thing : There are going to be some amazing bargain stocks on sale, with the rebound likely to be good and quick for 30-50% .