MARKET INSIGHTS_22012024

MARKET PULSE

The VN-Index closed trading forming a “Small Black Candle” pattern. Trading volume increased and returned to the 20-day average. Rising prices with increasing trading volume is a bullish pattern supported by volume.

Key points to note: (i) Foreign investors made net purchases for the 8th consecutive session, and the pace of net buying is increasing with nearly 500 billion VND in net purchases today. Fundamentally, this aligns with the net buying cycle we often observe. This is also good news in the short term, even though foreign investors no longer play a leading role for domestic investors. (ii) The steel group set a new high over the past month as HPG is estimated to achieve nearly 3,000 billion VND in profit for Q4/2024. Sector rotation also creates a better spillover effect on the market. This boosted the stock and real estate groups after their recent sideways trend. Fundamentally, the overall market trend remains very positive, and any corrections, if they occur, are buying opportunities for investors. (iii) In the short term, the VN-Index is still heading towards the 1,245-point mark according to the 3RV model. Of course, each upward movement will encounter dense resistance levels above, and the index’s upside may be limited. Therefore, investors should focus more on the stocks they currently hold.

According to the “Price Action” analysis method for VN30, we have 11 codes showing buy signals, 07 codes showing sell signals, and 12 codes showing sideways signals. ACB, VPB, BID, CTG, TPB, SSI… show positive signals.

According to quantitative statistics, with today’s pattern, in the next trading session, the VN-Index has a 51% probability of increasing and a 28.57% probability of the closing price being higher than the opening price. Based on statistics, the index traded up with a closing price lower than the opening price on the 3rd trading day. Resistance is 1,210 points. Support is 1,160 points.

Intraday Stock Support and Resistance (EOD)

Stocks with Surging Trading Volume Today

Watchlist for Tomorrow

Intraday Charts:

• Top seafood exporting enterprises in 2023 (Cumulative data);
• Monthly fertilizer exports;

US Stock Market: Forecast for tonight is that indices will increase.;

Investors can download the full report via the following link:

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