The SET Index has recently retested a major long-term support level, with the latest monthly candle showing a strong rebound. The large green candle clearly reverses the direction of several previous months' declines, suggesting a potential shift in market sentiment.
This decisive price action indicates strong buying interest at a critical support zone, reinforcing its technical significance. The recovery is especially notable on the monthly timeframe, where the rebound stands out more clearly.
Additional observations:
Price closed well above recent lows, reflecting firm rejection of further downside.
Momentum indicators are stabilizing, hinting at a possible pause or reversal in the downtrend.
If this upward move continues, immediate resistance lies in the 1270 area.
Monitoring price action in the coming weeks will be key to assessing whether this is the start of a broader recovery or a short-term bounce.
This decisive price action indicates strong buying interest at a critical support zone, reinforcing its technical significance. The recovery is especially notable on the monthly timeframe, where the rebound stands out more clearly.
Additional observations:
Price closed well above recent lows, reflecting firm rejection of further downside.
Momentum indicators are stabilizing, hinting at a possible pause or reversal in the downtrend.
If this upward move continues, immediate resistance lies in the 1270 area.
Monitoring price action in the coming weeks will be key to assessing whether this is the start of a broader recovery or a short-term bounce.
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.
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.