[Market News 07/03/2024] STOCK ORDER CONGESTION

Some important notes:

– With the market experiencing order congestion, today’s supply-demand assessment is not truly accurate. From our perspective, with the index rising at the end of the session and most leading stocks not falling too sharply, tomorrow the market may narrow its intraday price fluctuations, and a state of differentiation could continue, even if the number of declining stocks still dominates the market breadth.

– Foreign investors net sold nearly 200 billion VND, which is not a large figure. However, even major net-bought stocks by foreign investors like DGC, SSI, KDH… all saw price corrections, indicating that the upward momentum driven by foreign demand is starting to slow down.

– The current support level for the index is 1,220, which is the resistance line connecting the peaks of August 2022 and September 2023, and saw a breakout on February 28, 2024. This will now become a support area according to the PullBack Retest model.

– Index forecast for March 7, 2024: According to quantitative statistics, the index will increase tomorrow, but it is unclear whether the closing price will be higher or lower than the opening price.

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SOURCE: AAS RESEARCH

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