Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Technical Analysis

<ul><li>The SET declined in line with regional markets, driven by concerns over the new US president's tax policy, the weak baht, and disappointment over the 3Q24 earnings.</li><li>As a result, the index is expected to continue its downward trend.</li><li>We recommend wait & see as the index has both a negative price pattern and unhealthy sentiment.</li></ul>

The SET declined in line with regional markets, driven by concerns over the new US president's tax policy, the weak baht, and disappointment over the 3Q24 earnings.As a result, the index is expected to continue its downward trend.We recommend wait & see as the index has both a negative price pattern and unhealthy sentiment.

Krungthai XSpring Technical Eng. November 13, 2024

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

<ul>
<li>Outlook remains bullish following the SPX multi-month base breakout above 5670-5783, alongside constructive market dynamics. The market is quite clearly telling us that the path of least resistance is higher.</li>
<li>We would treat any pre-election pullback (if it comes) as a buying opportunity, and we expect to see support on the SPX at 5760 and 5655-5670.</li>
<li>We believe there will be a strong end-of-year rally that will extend into the early part of 2025 due to bullish end-of-year seasonal tendencies during up years (SPX +22.1% YTD).</li>
</ul>


Outlook remains bullish following the SPX multi-month base breakout above 5670-5783, alongside constructive market dynamics. The market is quite clearly telling us that the path of least resistance is higher.
We would treat any pre-election pullback (if it comes) as a buying opportunity, and we expect to see support on the SPX at 5760 and 5655-5670.
We believe there will be a strong end-of-year rally that will extend into the early part of 2025 due to bullish end-of-year seasonal tendencies during up years (SPX +22.1% YTD).


Downgrading Health Care $XLV to Underweight; Bullish Outlook Intact $SPX; Bitcoin Breaking Out

Cross Asset Strategy

<ul><li>Technically, the SET Index is expected to move sideways down, with the support at 1,436/1,425 points (25-day EMA) and the resistance at 1,453/1,460 points.</li><li>In the short term, there is risk of a major correction to 1,425 points (25-day EMA) or 1,400 points if the index breaks below the key support level of 1,440.31 points (yesterday's low).</li><li>After the index formed a bearish double-top pattern, investors are recommended to delay investments until a new buying signal emerges.</li></ul>

Technically, the SET Index is expected to move sideways down, with the support at 1,436/1,425 points (25-day EMA) and the resistance at 1,453/1,460 points.In the short term, there is risk of a major correction to 1,425 points (25-day EMA) or 1,400 points if the index breaks below the key support level of 1,440.31 points (yesterday's low).After the index formed a bearish double-top pattern, investors are recommended to delay investments until a new buying signal emerges.

<ul><li>Technically, the SET Index is expected to weaken, with the support at 1,306/1,302 points and the resistance at 1,320/1,324 points (50-day EMA).</li><li>The Fed is expected to cut interest rates by 50 bps in September and November and another 25 bps in December, as the US economy is at risk of falling into a recession.</li><li>The aforementioned factors tend to support the SET to continue to rebound, with the short-term target at 1,375 points.</li></ul>

Technically, the SET Index is expected to weaken, with the support at 1,306/1,302 points and the resistance at 1,320/1,324 points (50-day EMA).The Fed is expected to cut interest rates by 50 bps in September and November and another 25 bps in December, as the US economy is at risk of falling into a recession.The aforementioned factors tend to support the SET to continue to rebound, with the short-term target at 1,375 points.

Global Services PMIs in July and Thai Inflation

<ul><li>Technically, the SET Index is expected to move sideways, with the support at 1,286/1,281 points and the resistance at 1,301/1,309 points (10-day EMA).</li><li>We maintain our recommendation that investors wait to do speculative buying when there is a new buy signal.</li><li>In-line readings would increase the likelihood of the Fed cutting interest rates at its September meeting.</li></ul>

Technically, the SET Index is expected to move sideways, with the support at 1,286/1,281 points and the resistance at 1,301/1,309 points (10-day EMA).We maintain our recommendation that investors wait to do speculative buying when there is a new buy signal.In-line readings would increase the likelihood of the Fed cutting interest rates at its September meeting.

Keep a Close Watch on US Inflation and Thai Corporate Earnings

United States

Royal Caribbean Cruises Ltd. is a global cruise company operating a fleet of vessels in the cruise vacation industry. The Company operates through brands which primarily serve the contemporary, premium and deluxe segments of the cruise vacation industry, which also includes the budget and luxury segments.

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Royal Caribbean Cruises (RCL US)

Krungthai XSpring Technical Eng. November 13, 2024

The SET declined in line with regional markets, driven by concerns over the new US president's tax policy, the weak baht, and disappointment over...

Krungthai XSpring

Downgrading Health Care $XLV to Underweight; Bullish Outlook Intact $SPX; Bitcoin Breaking Out

Downgrading Health Care $XLV to Underweight; Bullish Outlook Intact $SPX $QQQ $NDX $IWM; Bitcoin and Silver Breaking Out $IBIT $SLV. Pullbacks =...

Vermilion Research

Daily Market Outlook and Strategic Picks

Technically, the SET Index is expected to move sideways down, with the support at 1,436/1,425 points (25-day EMA) and the resistance at...

Krungthai XSpring

Global Services PMIs in July and Thai Inflation

Technically, the SET Index is expected to weaken, with the support at 1,306/1,302 points and the resistance at 1,320/1,324 points (50-day...

Krungthai XSpring

Keep a Close Watch on US Inflation and Thai Corporate Earnings

Technically, the SET Index is expected to move sideways, with the support at 1,286/1,281 points and the resistance at 1,301/1,309 points (10-day...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

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