Thailand SET Index Chart Analysis

Thailand, one of south east asian country (ASEAN) is a tourism haven for many tourists, and is well-known for tropical beaches, opulent royal palaces, ancient ruins and ornate temples displaying figures of Buddha and a shopping paradise.

Its Primary exports are mainly  - commodities: textiles and footwear, fishery products (shrimps), agricultural products such as rice, tapioca, rubber sugar, jewelry, automobiles, computers and electrical appliances

According to Wikipedia,

"Thailand is a newly industrialized country. Its economy is heavily export-dependent, with exports accounting for more than two-thirds of its gross domestic product (GDP). In 2017, according to the IMF, Thailand had a GDP of 15.450 trillion baht(US$455 billion), the 8th largest economy of Asia. Its currency, the Thai Baht, also ranked as the tenth most frequently used world payment currency in 2017."

The industrial and service sectors are the main sectors in the Thai gross domestic product, with the former accounting for 39.2 percent of GDP. Thailand's agricultural sector produces 8.4 percent of GDP—lower than the trade and logistics and communication sectors, which account for 13.4 percent and 9.8 percent of GDP respectively. The construction and mining sector adds 4.3 percent to the country's gross domestic product. Other service sectors (including the financial, education, and hotel and restaurant sectors) account for 24.9 percent of the country's GDP. Telecommunications and trade in services are emerging as centers of industrial expansion and economic competitiveness.

Thailand is the second-largest economy in Southeast Asia, after Indonesia. Its per capita GDP (US$6,729) in 2017, however, ranks in the middle of Southeast Asian per capita GDP, after Singapore, Brunei, and Malaysia. In July 2018 Thailand held US$237.5 billion in international reserves, the second-largest in Southeast Asia (after Singapore). Its surplus in the current account balance ranks tenth of the world, made US$49.2 billion to the country in 2017. Thailand ranks second in Southeast Asia in external trade volume, after Singapore.

Thailand's one of countries with the lowest unemployment rate in the world, reported as 1 percent for the first quarter of 2014. This is due to a large proportion of the population working in subsistence agriculture or on other vulnerable employment (own-account work and unpaid family work)."

reference from 

https://en.wikipedia.org/wiki/Economy_of_Thailand

https://en.wikipedia.org/wiki/Tourism_in_Thailand

http://www.economywatch.com/world_economy/thailand/export-import.html

Thailand SET index Historical Chart 21.1.19

Thailand SET index Historical Chart With Technical Analysis 21.1.19

Based on Technical Analysis, chart is bullish for SET index, it display quite a number of bullish chart formation.

1) price channel formation which made up of upper and lower orange color line and median green color line. it is observed candlestick has broken the lower orange color line support and blue color classical neckline as support which is bearish price action that invite short term traders to short the SET index, currently worldwide smart money fund flow is bullish not bearish. 20Day & 50Day moving average line is turning down see candlestick chart below moving average line.

2) Ascending Triangle chart formation break up, which made up of upper blue color calssical neckline couple with lower orange color line, candlestick is seen a backtest or retest uppest blue color neckline that connect all the peaks as support.

All time high is formed in year 2018 with highest peak 1852.51 points and year 2007 to 2009 (sub prime crisis) high is registered 924.70 points before crashing to year 2009 low of 380.05 points.

It is observed since year 2009 low of 380.05 points, it has increased by almost 400% to year 2013 high of 1649.77 points. there is a block of 400 points with each level as resistance illustrated with bule color neckline that connect all the peaks and trough, first level @800 points, second level @1200 points and third level @1600 points, fourth level @2000 points and fifth level @2400 points. 

Based on price action deduction SET index will reach 2000 and 2400 points from current level 1583.77 points, Another observation is triangulated based on chart formation bullish horizontal pennant formation that synchronize with the analysis of using difference of 1650 points (year 2013 high) - 380 points (year 2009 low) = 1270 points + classical neckline of 1205 points = 2475 points.

Disclaimer: All news, information and charts shared is purely by my research and personal views only. This is not a trading recommendation or advice but on the basis of sharing information and educating the investment community. Different traders and investors adopt different trading strategies and risk management approach hence if in doubt please approach or seek clarifications with your Financial Adviser, Broker and Banker.