MARKET INSIGHTS_26082024
26/08/2024
SUMMARY OF KEY POINTS IN THE REPORT
The VN-Index is facing a resistance line connecting the two peaks of 12/06/2024 and 09/07/2024.
The appearance of a red corrective candle in this area is understandable. Furthermore, the VN-Index still has a price gap from 19/08/2024 that has not been filled, so we believe the index may experience a correction in the next 2-3 sessions to fill the created price gap. Basically, a cup-and-handle pattern could form on a weekly basis. This aligns with the re-accumulation cycle due to the market's V-shaped recovery.
Regarding cash flow, today we observe that the securities group, with HCM, remains the best-performing stock in the securities sector, setting a new 52-week high. This trend is repeating a past pattern where, at the start of each market uptrend, HCM and VCI were the most prominent stocks in the securities industry.
According to the "Price Action" analysis method for VN30, we have 08 codes showing buy signals, 15 codes showing sell signals, and 07 codes showing neutral signals. VRE, VPB, SSI, BVH, VHM... are showing positive signals.
According to quantitative statistics, with today's pattern, in the next trading session, the VN-Index has a 50% probability of increasing and a 42.85% probability of the closing price being higher than the opening price. Based on statistics, the index's movement (up or down) is unclear, with the closing price being high or low compared to the opening price on Tuesday's trading session. Support is 1,256 points and resistance is 1,300 points.
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