MARKET INSIGHTS_03012024
03/01/2024
MARKET PULSE
The VN-Index closed the trading session forming a "White Closing Marubozu" pattern. Trading volume decreased but remained above the 20-day average. A price increase with decreasing trading volume is a bullish pattern not supported by volume. Key points to note:
(i) The VN-Index has broken out of the medium-term resistance of the Three Rising Valleys (3RV) pattern since November 1, 2023, and with a positive trend, the next price target is 1,245 points.
(ii) Foreign investors net sold heavily in the morning trading session and narrowed the net selling momentum in the afternoon trading session. This contributed to the increasingly strong price increase in the afternoon session.
(iii) The banking sector continued to shine and played a leading role in pushing the index past strong resistance. With the credit room expanded by 15% and allowing growth from the beginning of the year, we believe this is a key highlight that could drive strong profit growth for the banking sector in 2024. We anticipate that the growth rate of the banking industry this year will be in double digits, with many businesses achieving profit growth of 20-50% in 2024, thereby potentially boosting the rally of banking stocks this year.
(iv) The public investment and retail sectors also traded well during the day, benefiting from the overall market price increase. As long as the risk rotation continues, the upward trend will remain present.
According to the "Price Action" analysis method for VN30, we have 16 codes giving buy signals, 04 codes giving sell signals, and 10 codes giving sideways signals. ACB, BID, VIB, BVH, CTG... show positive signals.
According to quantitative statistics, with today's pattern, the next trading session for VN-Index has a 51% probability of decreasing and a 25% 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 on Thursday's trading session. Resistance is 1,160 points. Support is 1,080 points.
Intraday Stock Support and Resistance (EOD)
Stocks with sudden surge in trading volume during the day
Watchlist for tomorrow
Intraday Chart:
* US stock market cycle statistics in a Presidential election year in January; US Stock Market: Indices are forecast to correct downwards tonight.
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