After SET index breakout 5 years channel at 1600.00, it retested to 1600.00 support line and showed the weakness breakout as long red and short green candles. It dipped a little new low at 1590.00 so this notices the bearish sign of lower high and lower low. Forecast : Bounce to 16500.00 and plummet to 1500.00/1350.00
Hammer pattern in Tfday on the exact support level(and also EMA200) hints that it will probably be a short-term bottom and bounce back to resistance level at 1692 and test 1700. (which is a tough one since it's a resistance level with a round number) But the island reversal told us that there's a potential change coming on a way. So SET might bounce back to...
The set index has completed abc pattern....more seller will come to this market.
* ASCENDING TRIANGLE PATTERN * LOOKING SOME PULLBACK BEFORE GOING ANY HIGHER. * UPTREND
We can see LH and LL printing on the weekly chart. There is also a lot of uncertainty about the election result. Possible drop to the previous support zone (~1550) If this zone breaks, very likely to send us to ~1500 and bounce there. Going back above 1680 will invalidate this. Good luck trading! Stay safe!
also an obvious fund inflow after Thailand got new PM and resume democracy.
open shot position can not breakout trendline stoploss 1675 follow long
Here is the current possible structure for SET.
Retrace to drawn triangle Increase position if breakout
Set break down fibonacci 38.2 , next target is 50 fibo level