MARKET INSIGHTS_10062024

**SUMMARY OF SOME KEY POINTS IN THE REPORT

Current trading seems similar to the VN-Index phase in the 1,130 region in December 2023 when the index struggled to break resistance and trading volume narrowed. Selling pressure was also not too strong on the downside, and liquidity started to increase when the market broke resistance. Today, the market is attempting a breakout led by the banking and steel sectors. Do we still hope history will repeat?

From a medium-term perspective, the VN-Index is moving in a reverse head and shoulders pattern since March, with the neckline confirmed at 1,292 points. A breakout would push the index towards the 1,400-point price range.

It’s too early to conclude, but current trading seems to be repeating the pattern at the 1,250-point mark, and we will likely see a breakout in the next 2-3 sessions. Of course, as we have shared before, resistance remains resistance until it is broken, so despite positive thoughts, we should still trade cautiously.

According to quantitative statistics, with today’s pattern, the VN-Index has a 51% chance of increasing in the next trading session and a 43.75% chance of the closing price being higher than the opening price. Based on statistics, the index traded up with a lower closing price than opening price on the 3rd trading day. Support is 1,250 points and resistance is 1,300 points.

Investors can download the full report via the following link:“””

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