[Market News 11/03/2024] BANKS DECLINE BUT MID-CAP AND SMALL-CAP GROUPS ARE SHOWING SIGNS OF ATTRACTING CAPITAL AGAIN

Some important notes:

– Looking at the industry group level, we only have the rubber products sector increasing in points, and over 400 declining stocks is a very negative level. However, from a narrower perspective, we see relatively impressive buying demand in the small and medium-cap group, and the price decline in this group is not truly significant (In the past, if these were medium-term peak distribution sessions, this group would typically be the first to hit the floor).

– Foreign investors sold nearly 700 billion VND, and almost all large net-selling stocks experienced sharp declines. Therefore, it can be seen that the VN30 group has not yet reached a support level for price-supporting demand to appear, especially with banking stocks forming a declining wave 4.

– The current support for the index is 1,220, which is the resistance line connecting the peaks of August 2022 and September 2023, and had a breakout on February 28, 2024. This will now become a support area according to the PullBack Retest model. In the short term, if it has not surpassed 1,300 points, any correction pressure, if it occurs, will only last for 1-2 trading sessions.

– Index forecast for March 11, 2024: Statistics show the index will decline.

?? See more: here.

SOURCE: AAS RESEARCH