[Market News 05/01/2024] SHORT-TERM PROFIT-TAKING DOES NOT AFFECT THE MAIN TREND

Some important notes:

– The VN-Index has broken out of the medium-term resistance of the Three Rising Valleys (3RV) pattern since November 1, 2023, and with a positive trend, the next price target is 1,245 points.

– The banking sector continues to shine and plays a leading role in pushing the index past strong resistance. With the credit room expanded by 15% and allowing growth from the beginning of the year, we believe this is the main highlight that can drive strong profit growth for the banking sector in 2024. We expect the growth rate of the banking industry this year to be in double digits, and many businesses will see profit growth of 20-50% in 2024, which could fuel the rally of banking stocks this year.

– Profit-taking pressure weighs on mid-cap and small-cap stocks, but the selling volume is not too large. Basically, the market is in a short-term resistance area, and profit-taking is normal. This is a portfolio restructuring phase for investors, and therefore, we believe there is no need to worry too much. A potential decline to retest the 1,134-point support area would also be a good signal in technical analysis models.

– Index forecast for January 5, 2024: Statistics show the index continues to rise.

– Recommended codes: BVH, GAS.

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SOURCE: AAS RESEARCH

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