Lunchtime Report
SET 1028.03 (+0.31)

So as you all know, the confidence vote was in favor of Greece's current PM, which means that the world is not about to end...yet. The next step is for Greece's parliament to approve the plans for budget cuts, selling of assets, raise taxes, etc, next week.

SET opened higher from the good news from Greece. It went as high as 1033.80 (+6.08) in the morning session but then went lower to form a triangle on the intraday chart, in which it broke down to as low as 1026.87 (-0.85) and closed the morning session at 1028.03. Judging from the trading range in the past few days, support would be at 1025 & 1020, and resistance will be at 1035. Let's see if it breaks the high of 1035.99 on 15/6/2011. If it does break it, then it could go as high as 1045, with 1045-1050 zone as the next resistance.

As for SET's daily chart pattern, as of right now, it isn't clear what pattern it's forming. SET has just come down from the top in April. The formation that led to the decline is likely to be a descending triangle, but it could very well be a diamond top also. Maybe it's both. Who the hell knows. I read today that some analysts think that the trend might reverse to an uptrend, but I can't say that it has bottomed yet. Overall, I'm still bearish. I'm gonna play it safe on this one and will start to be bullish when SET is above 1065, and will be bullish when it's above 1085.