MARKET INSIGHTS_31012023
31/01/2023
MARKET PULSE
The VN-Index closed the trading session forming a "White Closing Marubozu" candlestick pattern. Trading volume increased and was above the 20-day average. Price decreasing with increasing volume and price increasing with decreasing volume are not positive technical signals. Key points to note: (i) After 1.5 correction sessions, the market received buying demand and prices rose again, indicating that selling pressure was not truly significant. (ii) The VN-Index encountered strong resistance at the 1,130-point level, which is the dynamic MA(30) weekly resistance, where long-term investors following technical analysis identify the long-term uptrend. According to historical statistics, the index typically takes 2-5 weeks to trade around this area before a "Break out" or a downward correction. (iii) Capital flow remains concentrated in the construction, transportation infrastructure, and steel sectors, indicating that profit-taking pressure at any cost is not significant due to high expectations for improved business results.
According to the "Price Action" analysis method for VN30, we have 12 codes signaling buy, 12 codes signaling sell, and 06 codes signaling sideways movement. SSI, MWG, HPG... show positive signals.
According to quantitative statistics, with today's pattern, the VN-Index has a 51% probability of increasing in the next trading session and a 53.33% probability of the closing price being higher than the opening price. Statistics show that the index will increase tomorrow. Resistance is 1,130 points. Support is the 1080-point area.
Intraday (EOD) Stock Support and Resistance
Stocks with unusual trading volume during the day
Watchlist for tomorrow
Intraday Chart:
* Business results of listed companies for Q4/2022 and the full year;
* Global inflation is expected to decrease this year but will remain above pre-pandemic levels in over 80% of countries in 2023;
US Stock Market: The market is trading cautiously with sector rotation (up and down). The current trend shows that riskier sectors are being bought more aggressively by investors, indicating a return of optimistic sentiment. Tonight's forecast is that indices will continue to trade indecisively between gains and losses.
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Summary of Key Points in the Report The VN-Index closed the trading session forming a “Long White Candle” pattern. Trading volume increased and surpassed the 20-day average. According to theory, a price rise accompanied by higher volume represents a bullish pattern supported by volume – a positive signal. Key highlights: (i) Foreign investors recorded a […]
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