Thailand SETI - currently at a crucial Fibonacci retracement level

After a good up trend rally since January this year, when the SETI was at about 740 points, the SETI finally met its resistance at 890 points last month. Since then, the SETI slid downwards to 782.34 points today. This slide accounts for a 62% retracement from the up trend rally. Unlike other markets which have found may support levels during the downward rally, the SETI only found once in early June and the rally only lasted two days before the down trend resumes.

With the strong downward momentum the SETI is expected to slide further to test its main support level at 739 points. However, a slight technical rebound is expected immediately because the SETI is currently at a crucial Fibonacci retracement level (61.8%) and the Stochastic has indicated an oversold position and this is the second time the Stochastic crosses above its trigger line. The rebound may be short-lived as the SETI may find resistance at 800 points.

Article by Benny Lee