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.

Thematic (Sector/Industry)

<ul><li>Technically, the SET Index is expected to weaken, with the support levels at 1,190 points (50-day EMA) and 1,185 points and the resistance at 1,210 and 1,214 points.</li><li>In the short term, the index appears to be entering a correction phase after rallying over 15% from this year’s new low of 1,056.41 points on April 8.</li><li>A reversal signal (hammer) appeared on Friday, suggesting the index may soften over the next 1-2 days. </li></ul>

Technically, the SET Index is expected to weaken, with the support levels at 1,190 points (50-day EMA) and 1,185 points and the resistance at 1,210 and 1,214 points.In the short term, the index appears to be entering a correction phase after rallying over 15% from this year’s new low of 1,056.41 points on April 8.A reversal signal (hammer) appeared on Friday, suggesting the index may soften over the next 1-2 days. 

KTX Zoom - Reports of Manufacturing and Services PMIs for China and the EU

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.

Technical Analysis

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass when we discussed SPX 5110-5120 as a bounce spot and a level to trade [long] against.</li>
<li>Possible that major lows are in at 4800-4820 SPX and $402-$412 on the Nasdaq 100 (QQQ), as discussed in 4/10/25 Int'l Compass. For now we want to remain near-term bullish</li>
<li>200-Day MAs on ACWI-US and SPX are spots where they <em>could</em> roll over. This is just a lean; if we see no reason to sell at those levels, we won't.</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass when we discussed SPX 5110-5120 as a bounce spot and a level to trade [long] against.
Possible that major lows are in at 4800-4820 SPX and $402-$412 on the Nasdaq 100 (QQQ), as discussed in 4/10/25 Int'l Compass. For now we want to remain near-term bullish
200-Day MAs on ACWI-US and SPX are spots where they could roll over. This is just a lean; if we see no reason to sell at those levels, we won't.


Invest As If the Lows Are In; EURO STOXX 50 and TOPIX Reclaim Key Levels

<ul><li>Technically, the SET Index is expected to move sideways, with the resistance at 1,208/1,220 points (75-day EMA) and the support at 1,190 points (50-day EMA)/1,180 points.</li><li>In the short term, the index remains in a bullish flag rally phase, aiming to retest the previous resistance levels at 1,200/1,220 points after setting a new low for the year at 1,056.41 points on April 8.</li><li>This upward movement signals a medium-term trend reversal to an uptrend (bottoming out). Next, the index is expected to enter a consolidation phase to confirm a higher low in the long term (the major buying zone lies at 1,145/1,128 points). </li></ul>

Technically, the SET Index is expected to move sideways, with the resistance at 1,208/1,220 points (75-day EMA) and the support at 1,190 points (50-day EMA)/1,180 points.In the short term, the index remains in a bullish flag rally phase, aiming to retest the previous resistance levels at 1,200/1,220 points after setting a new low for the year at 1,056.41 points on April 8.This upward movement signals a medium-term trend reversal to an uptrend (bottoming out). Next, the index is expected to enter a consolidation phase to confirm a higher low in the long term (the major buying zone lies at 1,145/1,128 points). 

KTX Zoom: US Non-Farm Payrolls - May 2, 2025

<ul><li>Technically, the SET Index is expected to move sideways, with the resistance at 1,166/1,176 points and the support at 1,150/1,148 points (10-day EMA).</li><li>The short-term outlook remains within a bullish flag rally range of 1,134-1,166 points, aiming to retest the previous resistance at 1,176 points after setting a new low for the year at 1,056.41 points on April 8.</li><li>This upward movement is expected to help confirm a medium-term trend reversal from a downtrend to a new uptrend (with higher lows). </li></ul>

Technically, the SET Index is expected to move sideways, with the resistance at 1,166/1,176 points and the support at 1,150/1,148 points (10-day EMA).The short-term outlook remains within a bullish flag rally range of 1,134-1,166 points, aiming to retest the previous resistance at 1,176 points after setting a new low for the year at 1,056.41 points on April 8.This upward movement is expected to help confirm a medium-term trend reversal from a downtrend to a new uptrend (with higher lows). 

KTX Zoom: US: JOLTS Job Report -  APRIL 29, 2025

<ul><li>Technically, the SET Index is expected to move downward, with the support levels at 1,158/1,150 points and the resistance at 1,180/1,184 points (10-day EMA).</li><li>In the medium term, the trend remains bearish in a zig-zag down pattern, aiming to find the bottom within the range of 1,100-1,506 points. In the short term, after trading in a narrow range of 1,180-1,195 points over the past five trading days, the index broke out downward on Friday, indicating a likely continued decline today to retest the previous low at 1,157.96 points or form a new low.</li><li>Negative factors include the impact of the earthquake on Thailand’s industrial sector and rising risks of a sharp economic contraction in the US. Recommendation: wait to buy when a new bullish technical signal emerges.</li></ul>

Technically, the SET Index is expected to move downward, with the support levels at 1,158/1,150 points and the resistance at 1,180/1,184 points (10-day EMA).In the medium term, the trend remains bearish in a zig-zag down pattern, aiming to find the bottom within the range of 1,100-1,506 points. In the short term, after trading in a narrow range of 1,180-1,195 points over the past five trading days, the index broke out downward on Friday, indicating a likely continued decline today to retest the previous low at 1,157.96 points or form a new low.Negative factors include the impact of the earthquake on Thailand’s industrial sector and rising risks of a sharp economic contraction in the US. Recommendation: wait to buy when a new bullish technical signal emerges.

KTX Zoom - Market Flooded with Negative News (US Stagflation & Earthquake Impact on Thailand)

Thailand

Thai Life Insurance Public Company Limited provides a comprehensive range of life insurance products in Thailand, including whole life, endowment, annuity, term life, investment-linked, group life, and personal accident insurance. They also offer health and retirement plans, serving customers through agent and multi-channel partnerships such as commercial banks and digital platforms. The company was founded in 1942 and is headquartered in Bangkok, Thailand.

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Thai Life Insurance (TLI TB)

KTX Zoom - Reports of Manufacturing and Services PMIs for China and the EU

Technically, the SET Index is expected to weaken, with the support levels at 1,190 points (50-day EMA) and 1,185 points and the resistance at 1,210...

Krungthai XSpring

Invest As If the Lows Are In; EURO STOXX 50 and TOPIX Reclaim Key Levels

Invest As If the Lows Are In; EURO $STOXX 50 and $TOPIX Reclaim Key Levels; Still near-term bullish since our 4/22/25 Compass report. Possible...

Vermilion Research

KTX Zoom: US Non-Farm Payrolls - May 2, 2025

We maintain our recommendation to take profit on rallies for short-term investors, while long-term investors are advised to selectively buy on dips.

Krungthai XSpring

KTX Zoom: US: JOLTS Job Report - APRIL 29, 2025

Technically, the SET Index is expected to move sideways, with the resistance at 1,166/1,176 points and the support at 1,150/1,148 points (10-day EMA).

Krungthai XSpring

KTX Zoom - Market Flooded with Negative News (US Stagflation & Earthquake Impact on Thailand)

Technically, the SET Index is expected to move downward, with the support levels at 1,158/1,150 points and the resistance at 1,180/1,184 points (10...

Krungthai XSpring

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