SET to Challenge the 1,600 Resistance Level as U.S. 1Q21 GDP Beats Estimates

The analyst expected SET to test the 1,600 resistance level, buoyed by a better-than-expected U.S. GDP in 1Q21 at 6.4%.

Finansia Syrus Securities (FSS) expected SET Index to challenge the 1,600 resistance level, buoyed by positive sentiment from the U.S. stock market overnight and a 6-week high of oil prices as 1Q21 GDP beat the 6.1% growth expectations and surged 6.4%.

 

The analyst stated that the Thai stock market could have a positive momentum from the fund flow in the equity market for the last two days. However, there could be profit takings while the index climbs to 1,600 points, coupled with a 4-day holiday coming up.

 

In addition, the analyst advised investors to monitor the Covid-19 cases in Thailand, saying that the market could face a profit taking if new cases rise above 2,000 cases, while giving two support range at 1,583-1,584 points and 1,575-1,576 points and a resistance level at 1,600-1,606 points.

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