MARKET INSIGHTS_03032022
03/03/2022
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. Overall, the volume pattern, similar to most of the recent period, does not support the index's upward momentum.
Key points to note:
(i) The bands are narrowing, essentially signaling strong volatility ahead.
(ii) The head and shoulders pattern at the peak still poses a potential risk.
(iii) A bright spot, as we have shared many times, is that the market continues to accept price increases across various sectors and stock groups. Both for investment and speculation. As the risk rotation continues, the market remains in a safe zone.
According to the "Price Action" analysis method for VN30, we have 10 stocks showing buy signals, 5 stocks showing sell signals, and 15 stocks showing neutral signals. MSN, HPG, GVR showed "Bullish" signals today.
According to quantitative statistics, with today's pattern, the VN-Index has a 51% probability of increasing in the next trading session and a 60% probability of the closing price being higher than the opening price. Statistics suggest the market will rise tomorrow. Resistance is 1,535 points. Support is 1,470 points.
Intraday Stock Support and Resistance (EOD)
Stocks with sudden surge in trading volume today
Watchlist for tomorrow
Intraday Chart:
* Russia's main imported goods;
* US natural gas prices hit record highs;
US Stock Market: Stocks rose today even as oil prices climbed higher after three days of recovery exceeding 20%. Rising oil prices pushed most energy companies higher, although Russian natural gas companies have recently seen their stock prices fall. In previous reports, we emphasized that US stock indices were in a counter-trend rally, and this upward trend has not yet reached its target. We forecast that indices will continue to rise tonight.
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