Chart Book | Chart of the day:

Last week was not kind to Thailand's main stock index, another bearish engulfing candle formed with almost the lowest weekly close for the year. This sees the retreat from Fibonacci retracement resistance by the lagging line and from trend line resistance by the candles take hold. All aspects of the Ichimoku moving averages and cloud have been bearish for some time pointing to further declines into year-end. The key issue will be whether the index breaks below August's low at 1,292, and how soon. It is worth noting that the index is not oversold as it was then and that momentum, while bearish, is not nearly as strong as it was in the third quarter.