MARKET INSIGHTS_10062024
10/06/2024
SUMMARY OF KEY POINTS IN THE REPORT
Current trading activity seems similar to the VN-Index's phase in the 1,130 region in December 2023, when the index struggled to overcome resistance and trading volume narrowed. Selling pressure was not too strong on the downside, and when the market broke above resistance, liquidity began to increase. Today's session saw the market attempting a breakout, led by the banking and steel sectors. Do we still hope history will repeat itself?
From a medium-term perspective, the VN-Index has been moving in an inverse head and shoulders pattern since March, with the confirmed neckline at 1,292 points. A breakout would push the index towards the 1,400-point price region.
It's too early to conclude, but current trading seems to be replicating the scenario at the 1,250-point mark, and we might soon see a breakout session in the next 2-3 sessions. Of course, as we've shared before, resistance remains resistance until it's broken, so despite positive thoughts, we should still trade cautiously.
According to quantitative statistics, with today's pattern, the next trading session for the VN-Index has a 51% probability of increasing and a 43.75% probability of the closing price being higher than the opening price. Based on statistics, the index traded higher with a closing price lower than the opening price on the 3rd trading day. Support is at 1,250 points and resistance is at 1,300 points.
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