MARKET INSIGHTS_21062022
21/06/2022
MARKET PULSE
The VN-Index closed the trading session forming a "Three Outside Down Pattern". Trading volume decreased but remained above the 20-day average. Overall, today was still a good trading day for the market, despite a significant number of declining/floor-hitting stocks. Key points to note: (i) The market is near the 1,150-point support level, and we observed fairly good buying demand. During the day, although selling pressure was very high in the seafood, electricity, and oil & gas sectors, we did not observe a sell-off in other sectors like banking. HBC hit its ceiling price 3 times but still closed at the ceiling price. This fundamentally indicates that the market is experiencing a rather intense bottom-fishing phenomenon. (ii) The double-bottom reversal pattern with positive divergence remains a high-probability success pattern in Vietnam. Bottom-fishing demand is significantly increasing as volume has remained above the 20-day average for the third consecutive session. Furthermore, we also observed very aggressive selling pressure (similar to a Wash out), indicating that the demand to sell at any price has emerged. This very fact presents a greater opportunity for the market at this time.
According to the "Price Action" analysis method for VN30, we have 01 stock giving a buy signal, 02 stocks giving a sell signal, and 27 stocks giving a neutral signal. PNJ had the best trading signal of the day. POW, VRE... showed negative signals.
According to quantitative statistics, with today's pattern, in the next trading session, the VN-Index has a 53% probability of increasing and a 91.66% probability of the closing price being higher than the opening price. Statistics show that the index will increase tomorrow. Resistance is at 1,250 points and support is at 1,150 points. Adventurous investors can bottom-fish the market.
Intraday Stock Support and Resistance (EOD)
Stocks with sudden surge in trading volume during the day
Watchlist for tomorrow
Intraday Chart:
* US Stock Market Midterm Election Cycle;
* Comparing the Stock Market with 1974 and 1982. Which scenario will unfold;
US Stock Market:
The US stock market was closed for trading last night. We see many bullish factors for tonight's trading session.
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