Chart of the day: Thai stocks on bull run
The SET Index topped at 1,789 points in January 1994 before the Asian financial crisis of 1997-98 roiled markets in the region. Since hitting an interim low in 2009, it has more than tripled in value, coming in a close third to Asia’s best performers, namely the Philippines and Indonesia. Today, it is within spitting distance of the record high after consolidating neatly in a very large triangle since mid-2012. The gauge has managed two consecutive monthly closes above the top of that pattern and is on track for a third one this month to form a bullish candlestick pattern called three white soldiers. Both volume and observed volatility are low, hinting that many have not spotted this emerging bull market where 2,000 points is our first target.
Nicole Elliott is a technical analyst