[Market News 30/09/2024] VN-INDEX UNABLE TO CONQUER THE 1,300 POINT MARK

Some important notes:

– In the last 10 sessions, foreign investors were net buyers in 8 sessions. Overall, this seems to be a turning point for foreign net buying. Generally, foreign net buying at a strong resistance level is supporting investor sentiment, which is currently somewhat defensive and tends to sell at the 1,300-point mark.

– Today, the index had a breakout of the neckline of the head and shoulders pattern. With two candles showing price gaps, the market was under selling pressure today and closed in the red. Basically, this signal is similar to the index retesting the resistance line of the head and shoulders pattern, which now becomes a support line. As shared with the Elliott Wave analysis model, a significant correction is likely in the 1,380-point area. Of course, daily movements will involve alternating increases and decreases or stock-specific corrections, but these do not cause much concern.

– Regarding cash flow, the market strongly focused on the banking sector. This seems similar to the January 2024 period and indicates that a large Wave 5 price increase for the banking sector has formed. (The number of banking stocks surpassing their peaks is increasing). Additionally, we believe that rotation will occur during the week, with breadth potentially spreading to other sectors such as steel. However, pressure on the real estate sector will emerge in the first session of the week as NVL announced an audited loss of over 7,000 billion VND compared to a previously reported profit of over 300 billion VND.

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SOURCE: AAS RESEARCH