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

BTS Group Holdings PCL / Technical Analysis

<ul><li>The market lacked positive catalysts, with Asian bourses declining and US bond yields rising, while continued fund outflows led to volatility in the SET, which traded within a range of 1,352-1,371 points before closing slightly higher.</li><li>The index tested the support at 1,360-1,350 points and managed to bounce back, despite ongoing selling pressure.</li><li>As a result, we expect the index to continue its technical rebound, with an increase in trading volume likely to support this move.</li></ul>

The market lacked positive catalysts, with Asian bourses declining and US bond yields rising, while continued fund outflows led to volatility in the SET, which traded within a range of 1,352-1,371 points before closing slightly higher.The index tested the support at 1,360-1,350 points and managed to bounce back, despite ongoing selling pressure.As a result, we expect the index to continue its technical rebound, with an increase in trading volume likely to support this move.

Recommendation: Buy on Weakness, Sell on Strength

Cross Asset Strategy

<ul><li>Technically, the SET Index is expected to weaken, with the support at 1,367/1,362 points and the resistance at 1,384/1,390 points.</li><li>Investment strategy: i) Long-term investors: Recommended to pursue selective buying; ii) Short-term investors: Advised to wait for a new technical buy signal before entering the market.</li><li>Newly listed stock NKT [Nakornthon Hospital Public Company Limited] begins trading today in the healthcare sector.</li></ul>

Technically, the SET Index is expected to weaken, with the support at 1,367/1,362 points and the resistance at 1,384/1,390 points.Investment strategy: i) Long-term investors: Recommended to pursue selective buying; ii) Short-term investors: Advised to wait for a new technical buy signal before entering the market.Newly listed stock NKT [Nakornthon Hospital Public Company Limited] begins trading today in the healthcare sector.

Krungthai XSpring Zoom Eng. December 20, 2024

<ul><li>Technically, the SET Index is expected to move sideways down as the market awaits the outcome of the MPC and US FOMC meetings today.</li><li>KTX expects the Fed to cut interest rates by 0.25% and revise its outlook to indicate more limited downside for interest rates in the long term during the meeting on December 18.</li><li>In view of the aforementioned factors, the pressure on the MPC to cut interest rates owing to a slower-than-expected inflation recovery is diminishing.</li></ul>

Technically, the SET Index is expected to move sideways down as the market awaits the outcome of the MPC and US FOMC meetings today.KTX expects the Fed to cut interest rates by 0.25% and revise its outlook to indicate more limited downside for interest rates in the long term during the meeting on December 18.In view of the aforementioned factors, the pressure on the MPC to cut interest rates owing to a slower-than-expected inflation recovery is diminishing.

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>Our outlook remains bullish following the S&amp;P 500's multi-month base breakout above 5670, alongside constructive market dynamics which have significantly improved over the past week.</li>
<li>Last week's 11/5/24 report titled "Buy the Pullback" discussed how we were buyers, expecting a strong end-of-year rally to start that day or the following day (day after the election)</li>
<li>The strong rally officially started on election day, and all that is left to do is ride the trend higher into year-end and the early part of 2025</li>
</ul>


Our outlook remains bullish following the S&amp;P 500's multi-month base breakout above 5670, alongside constructive market dynamics which have significantly improved over the past week.
Last week's 11/5/24 report titled "Buy the Pullback" discussed how we were buyers, expecting a strong end-of-year rally to start that day or the following day (day after the election)
The strong rally officially started on election day, and all that is left to do is ride the trend higher into year-end and the early part of 2025


Ride the Trend Higher; Significant End-Of-Year Rally Underway; Four Sector Upgrades, One Downgrade

<ul><li>KTX expects the index's direction to depend on the results of the US presidential election on November 5.</li><li>The resistance levels are at 1,482/1,506 points and the support levels are at 1,432/1,405 points.</li><li>Risks include global financial market volatility owing to the US election outcome and profit taking by foreign investors.</li></ul>

KTX expects the index's direction to depend on the results of the US presidential election on November 5.The resistance levels are at 1,482/1,506 points and the support levels are at 1,432/1,405 points.Risks include global financial market volatility owing to the US election outcome and profit taking by foreign investors.

Outlook: Awaiting the Results of the US Presidential Election; Resistance at 1,482/1,506 Points and Support at 1,432/1,405 Points

United States

TrueCar, Inc. develops and publishes an online automotive information and communication platform. The Company provides data and price reports for cars both online and over the phone for consumers and a communications platform for automobile dealers to communicate with consumers. TrueCar serves customers throughout the United States.

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Truecar Inc (TRUE US)

Recommendation: Buy on Weakness, Sell on Strength

The market lacked positive catalysts, with Asian bourses declining and US bond yields rising, while continued fund outflows led to volatility in...

Krungthai XSpring

Krungthai XSpring Zoom Eng. December 20, 2024

Technically, the SET Index is expected to weaken, with the support at 1,367/1,362 points and the resistance at 1,384/1,390 points. Investment...

Krungthai XSpring

US FOMC & MPC Meetings

Technically, the SET Index is expected to move sideways down as the market awaits the outcome of the MPC and US FOMC meetings today. KTX expects...

Krungthai XSpring

Ride the Trend Higher; Significant End-Of-Year Rally Underway; Four Sector Upgrades, One Downgrade

Ride the Trend Higher; Significant End-of-Year Rally Underway $SPX $QQQ $IWM; Four Sector Upgrades ($XLF to overweight, $XLY $XLI and $IYT to...

Vermilion Research

Outlook: Awaiting the Results of the US Presidential Election; Resistance at 1,482/1,506 Points and Support at 1,432/1,405 Points

KTX expects the index's direction to depend on the results of the US presidential election on November 5. The resistance levels are at 1,482/1,506...

Krungthai XSpring

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