Here is a bearish view at SET. And how that could be played.
Those who believe SET has entered phase 4, then the direction is down south. I am ready to follow the pennant flag pattern, with a target of 1230-ish, and that number coincides with the bottom of, what I call, the "covid-panic-island" which should offer some suppport so could be a good place to lock in some profits.
Trade active
Trade triggered well, even though SET stopped at and gapped up from the long-term support and resistance (1315 area), I still feel confident in this bearish trade and that the parabolic run will at least fall back and test FIB.50 (at the target area). I will wait until it has cleared 1315, before I move my stop-loss to protect my trade.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.