MARKET INSIGHTS_11032022
11/03/2022
MARKET PULSE
The VN-Index closed the trading session forming a "Black Candle" pattern. Trading volume increased and was above the 20-day average. A price decrease with increased volume and a price increase with decreased volume are negative technical patterns. Key points to note:
(i) The expanding lower band supporting downward price movement is a negative signal.
(ii) The Head and Shoulders top pattern still poses risks. Currently, the index has a neckline around the 1,430-point region. A "Break down" would confirm the Head and Shoulders top pattern.
(iii) The most anticipated bright spot is that the market remains differentiated, focusing heavily on moderately liquid stocks, supported by strong business growth results.
According to the "Price Action" analysis method for VN30, we have 01 stock giving a buy signal, 06 stocks giving a sell signal, and 23 stocks giving a sideways signal. PLX, GAS are currently giving "Bearish" signals.
According to quantitative statistics, with today's pattern, in the next trading session, the VN-Index has a 51% probability of increasing and a 25% probability of the closing price being higher than the opening price. Statistics show that the market will decline in the first trading session of the week. Resistance is 1,535 points. Support is 1,430 points.
Intraday Stock Support and Resistance (EOD)
Stocks with sudden surge in trading volume today
Watchlist for tomorrow
Intraday Chart:
* Inflation continues to climb to a 40-year high;
* Countries with the largest oil reserves;
US Stock Market: Stocks opened lower but held firm, indicating that sellers are unwilling to push prices lower. Indices are forecast to rise in tonight's trading session. Currently, we have a positive divergence signaling a reversal at the bottom. The market will likely maintain its upward momentum as dominant until mid-next week with information regarding the FED meeting.
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