MARKET INSIGHTS_20072022
20/07/2022
MARKET PULSE
The VN-Index closed, forming an "Island Reversal, Bottom" trading pattern. Trading volume increased and was above the 20-day average. Price increase with increased volume is a good technical pattern. Key points to note:
(i) Price increase with increased volume and a price gap after the island cluster pattern confirms the index's medium-term uptrend.
(ii) Today's market breadth increased according to the FTD pattern, and therefore it has little significance in stock selection because most stocks saw good price increases. As we shared in the customer chat room system, during the bottoming phase, the number of rising stocks in the initial stage will increase with quite similar performance, and differentiation will only appear after the initial rally and based on business results.
According to the "Price Action" analysis method for VN30, we have 14 codes for buy signals, 02 codes for sell signals, and 14 codes for sideways signals. The banking sector shows positive 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 43.85% probability of the closing price being higher than the opening price. Statistics show that the index will increase tomorrow, but the closing price may be lower than the opening price. Resistance is at 1,236 points and short-term support is at 1,142 points. Note that the index futures contract expires tomorrow.
Intraday Stock Support and Resistance (EOD)
Stocks with unusually high trading volume today
Watchlist of stocks for tomorrow
Intraday Chart:
* Russia freezing natural gas will cause Europe's GDP to decline;
US Stock Market: Nasdaq's breakout of the neckline resistance creates a very significant change in the market's trend. Over the past 6 months, the market has never overcome any significant resistance, and therefore we may be entering a short-term upward cycle for the market. The US stock market is forecast to trade in a tug-of-war, retesting the neckline resistance, which now becomes important support. The close could be slightly up or down.
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