MARKET INSIGHTS_2302022
23/02/2022
The VN-Index closed trading forming an "Inverted Hammer" candlestick pattern. Trading volume decreased and was below the 20-day average. Technically, trading volume does not support a strong upward trend. Key points to note: (i) The red line, which is the resistance of RSI(14), remains a medium-term resistance. (ii) The upper band has not yet opened to support the index's upward momentum. (iii) The market has a right shoulder pattern with trading volume typically lower than the left shoulder and at the peak. Therefore, to break this pattern, the index needs to soon overcome the resistance level of 1,535 points. (iv) Technical patterns do not support an upward trend, but there isn't much downward selling pressure, even though the upward momentum is often limited by the continuous rotation of cash flow. Overall, stock selection at this time is more important than looking at scores and patterns. According to the "Price Action" analysis method for VN30, we have 09 codes showing buy signals, 09 codes showing sell signals, and 12 codes showing sideways signals. Basically, VN30 is balanced. According to quantitative statistics, with today's pattern, in the next trading session, the VN-Index has a 49% probability of increasing and a 50% probability of the closing price being higher than the opening price. Statistics show that the market will decline tomorrow. Resistance is 1,535 points. Intraday Stock Support and Resistance (EOD) Stocks with sudden surge in intraday trading volume Watchlist for tomorrow Intraday Chart: * Nickel thirst due to strong global increase in electric vehicle consumption; * Has oil and gas peaked as it enters a 4-month cycle?; US Stock Market: Stocks fell today as the S&P 500 officially entered a correction zone. The index and some other stocks are showing vulnerability as they continue their downward trend. However, typically at support levels, a tug-of-war between increases and decreases will appear to determine whether the chart pattern is a "Fake out" or a "Break Down". Forecast: indices may increase tonight. Investors can download the full report via the following link:
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