MARKET INSIGHTS_07112023

MARKET PULSE

The VN-Index closed the trading session forming a “Long Black Candle” trading pattern. Trading volume decreased and was below the 20-day average. A price decrease with a volume decrease is not a strong bearish trend supporting signal.

Key points to note: (i) After RSI(14) broke out of the Falling Wedge pattern, this index is now declining again to test the resistance level, which is now a support zone. (ii) The VN-Index adjusted when it entered the resistance zone, which is the price gap established on October 25, 2023, and this adjustment is not too surprising. Basically, today’s developments are consistent with the VN-Index’s movement trend. (iii) The VN-Index also adjusted when it approached the dynamic resistance zone MA(20) today. (iv) Cash flow also shifted towards the oil and gas group, while strong profit-taking pressure is occurring in the real estate group. Additionally, the banking group’s adjustment also caused the index to fall deeper. Foreign investors’ net selling also caused most of the VN30 group to adjust downwards today. Overall, we had a not-so-positive trading day.

According to the “Price Action” analysis method for VN30, we have 06 codes giving buy signals, 08 codes giving sell signals, and 16 codes giving sideways signals. ACB, VIB, SAB, BVH, MSN, HPG… show positive signals.

According to quantitative statistics, with today’s pattern, in the next trading session, the VN-Index has a 51% probability of declining and a 40% probability of the closing price being higher than the opening price. Based on statistics, the index will trade down with the closing price lower than the opening price. Resistance is 1,104 points. Support is 1,020 points.

Intraday Stock Support and Resistance (EOD)

Stocks with ??t bi?n ( ??t bi?n means sudden increase/surge, so ” ??t bi?n volume” means ” ??t bi?n trading volume”) in trading volume today

Watchlist for tomorrow

Intraday Chart:

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