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 index bounced up and then retreated quickly, indicating that the rise was unstable.</li><li>In particular, subsiding below the support at 1,400 points would cause the index to move in the lower channel, putting it at risk of sliding toward the previous low at 1,354 points.</li><li>We expect the index to stay above the support at 1400 points and recommend buying on weakness, selling on strength; but if it sinks below this support level, investors should hold cash.</li></ul>

The index bounced up and then retreated quickly, indicating that the rise was unstable.In particular, subsiding below the support at 1,400 points would cause the index to move in the lower channel, putting it at risk of sliding toward the previous low at 1,354 points.We expect the index to stay above the support at 1400 points and recommend buying on weakness, selling on strength; but if it sinks below this support level, investors should hold cash.

Recommendation: Buy on Weakness, Sell on Strength

<ul><li>The SET started off with a rebound, as the US successfully avoided a government shutdown and DELTA climbed up.</li><li>Although a three black crows signal did not occur due to the small candlestick body, the index remains susceptible to a potential correction, mainly due to the presence of consecutive black candlesticks.</li><li>We recommend holding cash until there is a reversal signal, but risk-loving investors may speculate at the support at 1,461 points.</li></ul>

The SET started off with a rebound, as the US successfully avoided a government shutdown and DELTA climbed up.Although a three black crows signal did not occur due to the small candlestick body, the index remains susceptible to a potential correction, mainly due to the presence of consecutive black candlesticks.We recommend holding cash until there is a reversal signal, but risk-loving investors may speculate at the support at 1,461 points.

Cross Asset Strategy

<ul><li>The SET Index is expected to move sideways up, with the resistance at 1,639/1,642 points and the support at 1,613 points (25/200-day EMA) /1,605 points.</li><li>Global equity markets are being pressured by concerns that the Fed will expedite rate hikes to tackle inflation; US bond yields have continued to increase, which is negative to growth stocks.</li><li>Investors expect the Fed to hike the fed funds rate by 0.75% in the upcoming FOMC meeting in September.</li></ul>

The SET Index is expected to move sideways up, with the resistance at 1,639/1,642 points and the support at 1,613 points (25/200-day EMA) /1,605 points.Global equity markets are being pressured by concerns that the Fed will expedite rate hikes to tackle inflation; US bond yields have continued to increase, which is negative to growth stocks.Investors expect the Fed to hike the fed funds rate by 0.75% in the upcoming FOMC meeting in September.

<ul><li>The SET Index is expected to move sideways down, with the resistance at 1,642/1,650 points and the support at 1,624/1,612 points.</li><li>We recommend trading buy on ASIAN, TTB and COM7.</li><li>Technically, the index may weaken to 1,600 points if it is unable to surpass the previous resistance at 1,642 points within one or two days; the loss-stopping point should be at 1,612 points (200-day EMA).</li></ul>

The SET Index is expected to move sideways down, with the resistance at 1,642/1,650 points and the support at 1,624/1,612 points.We recommend trading buy on ASIAN, TTB and COM7.Technically, the index may weaken to 1,600 points if it is unable to surpass the previous resistance at 1,642 points within one or two days; the loss-stopping point should be at 1,612 points (200-day EMA).

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.

<p style="text-align: justify;">With the MSCI ACWI (ACWI-US) breaking below our $70 “line in the sand” support level we highlighted last week, we believe additional downside is likely and that the path of least resistance is lower for global equities. Considering the damage done to major indexes around the world, any potential bottom is likely to take months to develop and until we see evidence of this repair process we want to be positioned primarily in Sectors with defensive characteristics. Of course, there will be major <em>countertrend </em>rallies along the way, but for now the trend is lower and we would treat rallies as selling opportunities. We outline important technical levels across all markets and highlight actionable opportunities within EM, and the Services and Staples Sectors.</p>

With the MSCI ACWI (ACWI-US) breaking below our $70 “line in the sand” support level we highlighted last week, we believe additional downside is likely and that the path of least resistance is lower for global equities. Considering the damage done to major indexes around the world, any potential bottom is likely to take months to develop and until we see evidence of this repair process we want to be positioned primarily in Sectors with defensive characteristics. Of course, there will be major countertrend rallies along the way, but for now the trend is lower and we would treat rallies as selling opportunities. We outline important technical levels across all markets and highlight actionable opportunities within EM, and the Services and Staples Sectors.

ACWI Below Our Line In The Sand: Further Weakness Expected

India

SIS Limited is a multinational business services provider, offering security, facility management, and cash logistics services. The company provides a comprehensive range of security solutions, including manned guarding, electronic security, and emergency response, along with integrated facility management and cash-in-transit services. SIS Limited is headquartered in New Delhi, India, and was founded in 1985.

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SIS (SECIS IN)

Recommendation: Buy on Weakness, Sell on Strength

The index bounced up and then retreated quickly, indicating that the rise was unstable. In particular, subsiding below the support at 1,400 points...

Krungthai XSpring

Technical Analysis

The SET started off with a rebound, as the US successfully avoided a government shutdown and DELTA climbed up. Although a three black crows signal...

Krungthai XSpring

Market Outlook

The SET Index is expected to move sideways up, with the resistance at 1,639/1,642 points and the support at 1,613 points (25/200-day EMA) /1,605...

Krungthai XSpring

Market Outlook

The SET Index is expected to move sideways down, with the resistance at 1,642/1,650 points and the support at 1,624/1,612 points. We recommend...

Krungthai XSpring

ACWI Below Our Line In The Sand: Further Weakness Expected

With the MSCI ACWI (ACWI-US) breaking below our $70 “line in the sand” support level we highlighted last week, we believe additional downside is...

Vermilion Research

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52-week Range

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