Medium term trend
In the medium term, the S50U24 level is expected to fluctuate in the short term, and it will be more positive after it stands above the support level of 829.
846/838/829/818 and resistance 858/872/880. If it can stand above 846, it may swing up to resistance at 858/872. If it can't stand above 846, it may swing down to support 838/829.
Medium Term Strategy (1 Week)
We recommend opening a long contract S50U24 at 846 and closing the position at the resistance level 858/872 with a stop loss point at 841.
SET50 Short Term (Intraday) Futures Trend
Yesterday, the S50U24 index fluctuated narrowly in the range of 855.3-859.6 and closed at 857.6, with the S50U24 adding less to the index, bringing the basis between the S50U24 and the SET50 to -3.77 points.
Evaluate the S50U24 contract, it is possible to fluctuate upwards. If it stands above 853, it may rebound upwards to test the next resistance level 858/863.
Short term strategy (instantaneously)**
It is recommended to open a long contract S50U24 at the support level 853 and close the position at the resistance level 858/863 with a stop loss point at 848.
S50U24 (week) futures closed on August 27, 2024 at 856.7.
S50U24 futures closed (today) on August 27, 2024 at 856.7
Important factors
Factors affecting SET50
The Dow Jones closed yesterday up 9 points (+0.02%) to close at 41,250, closing at an all-time high. Investors are waiting to follow the performance of Indian shares, the maker of artificial intelligence chips, while CB reported that the US consumer confidence index for August rose to 103.3, a six-month high and higher than the previous month, including investors waiting to follow the Core PCE information on Friday night.
In terms of price direction, WTI crude closed in October at a negative $1.89 per barrel (-2.44%), closing at $75.53 per barrel. Investors are concerned that the US economy may be slowing down. After Goldman Sachs cut its average Brent crude price forecast for next year to $77 per barrel from $82 per barrel, UBS Global Wealth Management said there is a 25% chance of the US economy entering a recession. Up from the previous forecast of 20%.
Factors to watch in the short term
Tonight, watch the weekly US crude oil inventory report. The market is expecting a 3 million barrel drop. In addition, important factors on Friday night include the core PCE price index and watching the situation in the Middle East to see if it will spread further. After last weekend there was an attack.
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