Modest upward trend seen as optimism buildsThai shares continued to rebound this week and reached key resistances at 1,645 and 1,650 points late in the week as the earnings season ended and many companies conducted analysts' meetings. Earnings were considered generally positive and confirmed the recovery trend after the easing of coronavirus-related lockdowns. We expect the SET Index to move sideways up this week and break key resistance levels to build a new base at around 1,650 or 1,660. As well, oil-linked commodities could consolidate amid a steadying of global crude prices, after a decent rally in the past quarter. A potential supply increase from the US could drag on oil prices and pressure heavyweight energy and refinery plays on the SET.

Source: Bangkok Post November 20, 2021 03:36 UTC