Thailand SETI: More downside for the SETI

A string of street protests against the current government has caused confidence in the equity market to be weak as well. The SETI is now back to its level where it was before the new government was formed. It is at the major support level of 734 points. The SETI closed at 743.03 on Friday. The current trend is obviously down and the momentum indicators like RSI and MACD are still indicating a strong down trend.

There are no indications of price reversal detected on the SETI as opposed to other markets. Therefore, more downside for the SETI is expected and it may test the support level of 734 points again and most probably would break below this level this time to continue the down trend. The next support level is at the psychological 700 points level. Current resistance level is at 786 points. By Benny Lee