[Market News 02/10/2024] ADVANCING BREADTH HAS APPEARED IN THE HIGHLY SPECULATIVE GROUP

Some important notes:

– Yesterday, the index had a breakout of the neckline of the head and shoulders pattern. With two candlesticks having a price gap, the market was under selling pressure today and closed in the red. Basically, this signal is like the index retesting the resistance line of the head and shoulders pattern, which now becomes a support line.

– Regarding cash flow, the market shows that speculative cash flow is being activated. We see some popular stocks like SHS, VIX, GEX… have started to show good trading volume. In addition, the shift of cash flow to the public investment group is also good news, as we expect the National Assembly session in October 2024 to remove obstacles for public investment activities and the medium-term public investment plan, especially urban railway infrastructure as well as the North-South railway, which will stimulate a very high scale of public investment in Vietnam’s new phase.

– The banking sector continues to trade well, with VIB and TCB maintaining good upward momentum. Of course, with the index not closing at its highest level and not surpassing the 1,300-point resistance mark, it still brings some concern to investors, but looking at the market breadth developments, we still maintain a positive outlook.

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SOURCE: AAS RESEARCH

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