MARKET INSIGHTS_12072024
12/07/2024
SUMMARY OF KEY POINTS IN THE REPORT
The band is narrowing with support at 1,240 points and resistance at 1,300 points.
The VN-Index needs to break out of this price range to determine its upward or downward trend. Typically, after the band narrows, the market will experience strong volatility. Therefore, cautious investors may wait for the VN-Index to confirm a trend before opening a trade.
Regarding cash flow, today's trading session saw widespread profit-taking and did not create a highlight in terms of breadth. We need 1-2 more sessions to confirm the market's new rotation trend. Nevertheless, the 1,300-point mark still seems to create a sense of unease, and investors tend to sell when reaching this resistance zone. Furthermore, if volume does not increase with rising prices, the ability to conquer 1,300 points will remain a question mark. In our principle, resistance remains resistance until it is broken, no matter how optimistic we are.
According to the "Price Action" analysis method for VN30, we have 04 codes giving buy signals, 08 codes giving sell signals, and 18 codes giving sideways signals. POW, VHM, TPB, PLX... are giving 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 40% probability of the closing price being higher than the opening price. Based on statistics, the index traded up with the closing price lower than the opening price in Monday's trading session. Support is 1,240 points and resistance is 1,300 points.
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