THAILAND: Constitutional Court To Rule In Prayuth Term-Limit Case On Sep 30
The Thai Constitutional Court set the clock ticking on a much awaited ruling in Prime Minister Prayuth's term-limit dispute, after reviewing further evidence from parliament on Wednesday.
- "The Court has discussed and found the case to be a legal challenge and there are enough witnesses and evidences to consider a ruling," it said in a statement.
- The Court said it will announce the verdict on September 30, clarifying whether Prayuth can resume his duties or should permanently step down.
- Note that Prayuth remains suspended in his capacity as Prime Minister, pending the clarification of the end-date of his term in office, with Deputy Prime Minister Prawit filling in for the time being.
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Historical bullets
BTP TECHS: (U2) Bull Flag
- RES 4: 131.61 High Apr 29 (cont)
- RES 3: 131.24 High May 12 (cont)
- RES 2: 130.00 Round number resistance
- RES 1: 129.36 High Aug 11
- PRICE: 127.29 @ Close Aug 12
- SUP 1: 126.83/125.45 Low Aug 3 / 50-day EMA
- SUP 2: 122.81 Low Jul 28
- SUP 3: 119.57 Low Jul 21 and key short-term support
- SUP 4: 118.60 Low Jun 22
The BTP futures traded lower Friday but price remains inside the current range that appears to be a bull flag formation. The trend direction remains up. The break on Jul 29 of key resistance at 126.41, Jul 1 high, established a broader bullish price sequence of higher highs and higher lows - the definition of an uptrend. Attention is on the 130.00 handle next. Initial firm support lies at 125.45, the 50-day EMA.
GILT TECHS: (U2) Has Breached Trendline Support
- RES 4: 121.07 High May 12 (cont)
- RES 3: 120.00 Round number resistance
- RES 2: 118.88/119.84 High Aug 4 / 2 and the bull trigger
- RES 1: 116.90/118.10 20-day EMA / High Aug 10
- PRICE: 115.97 @ Close Aug 12
- SUP 1: 115.71 Low Aug 12
- SUP 2: 114.86 50.0% retracement of the Jun 16 - Aug 2 upleg
- SUP 3: 114.08 Low Jul 8 and a key support
- SUP 4: 113.69 61.8% retracement of the Jun 16 - Aug 2 upleg
Gilt futures traded lower again Friday. Last week’s extension lower has resulted in a break of trendline support drawn from the Jun 16 low. The current pullback is still considered corrective and the trend outlook remains bullish. An extension lower though would expose 114.86 next, a Fibonacci retracement. On the upside, initial resistance has been defined at 118.10, the Aug 10 high. A break would highlight a bullish reversal.
EUROSTOXX50 TECHS: (U2) Resumes Its Uptrend
- RES 4: 3902.00 High Mar 29 and a key resistance
- RES 3: 3855.00 High Apr 21
- RES 2: 3840.00 High Jun 6 and key resistance
- RES 1: 3806.00 High Jun 8
- PRICE: 3750.00 @ 05:35 BST Aug 12
- SUP 1: 3691.00 Low Aug 10
- SUP 2: 3625.00/3553.00 50-day EMA / Low Jul 26
- SUP 3: 3467.00 Low Jul 18 / 19
- SUP 4: 3343.00 Low Jul 5 and the bear trigger
EUROSTOXX 50 traded higher Friday to confirm a resumption of the current uptrend. The move higher maintains the bullish price sequence of higher highs and higher lows and attention is on resistance at 3840.00, the Jun 6 high. A break of this hurdle would strengthen bullish conditions. On the downside, key support is seen at the 50-day EMA which intersects at 3625.00. A break would signal a possible reversal.
