MARKET INSIGHTS_26052022
26/05/2022
MARKET PULSE
The VN-Index closed the trading session forming a "Small Black Candle" trading pattern. Trading volume decreased but remained above the 20-day average. Considering today was a general correction day, the technical signal is quite good because the selling pressure at low prices was not too large and was often well absorbed by demand.
Key points to note:
(i) The market surpassing the 1,250-point resistance level led to a follow-through day as we expected, meeting 5 criteria. The market's slight correction upon encountering the dynamic MA(20) resistance does not change the market's short-term trend.
(ii) We believe the VN-Index will have a stable period of about 2-3 weeks with a short-term counter-trend wave to determine the main trend in the medium term.
(iii) The market will differentiate, with profitability depending on the expected business results of different stock groups or price increases based on a high correlation coefficient between businesses and commodity prices. Sugar industry stocks hitting the ceiling price today are an example.
According to the "Price Action" analysis method for VN30, we have 08 codes showing buy signals, 06 codes showing sell signals, and 16 codes showing sideways signals. The banking group, GVR, BVH, PNJ, VHM are groups with good trading patterns today.
According to quantitative statistics, with today's pattern, in the next trading session, the VN-Index has a 52% probability of increasing points and a 44.68% probability of the closing price being higher than the opening price. Statistics show that it will increase points in tomorrow's trading session. Resistance levels are 1,280 points and 1,300 points.
Stock support and resistance for the day (EOD)
Stocks with abnormal trading volume today
Watchlist for tomorrow
Intraday charts:
* History of Dow Jones bear markets;
* Insurance sales revenue of Vietnamese commercial banks;
US Stock Market: US trading indices are in a short-term counter-trend upward wave. Basically, we have not yet concluded the medium and long-term trend of the indices, but we believe this is a peaceful period for the market. The indices are forecast to continue to increase.
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