MARKET INSIGHTS_08012024

MARKET PULSE

VN-Index closed the trading session forming a “Small White Candle” pattern. Trading volume increased and was above the 20-day average. Price increase with increased trading volume is a bullish pattern not supported by volume.

Key points to note: (i) VN-Index has broken out of the medium-term resistance of the Three Rising Valleys (3RV) pattern since November 1, 2023, and with a positive trend, the next price target is 1,245 points. (ii) The banking sector continues to shine and plays a leading role in pushing the index past strong resistance. With the credit room expanded by 15% and allowing growth from the beginning of the year, we believe this is a key highlight that could drive strong profit growth for the banking sector in 2024. We expect the banking sector’s growth rate this year to be in double digits, and many businesses will see profit growth of 20-50% in 2024, thereby potentially fueling the rally of banking stocks this year. (iii) The real estate sector also traded well, following news that Ho Chi Minh City is restarting the auction of Thu Thiem land lots. (iv) However, in the short term, the upward momentum may narrow, and profit-taking pressure could emerge in the next 1-2 trading sessions. Therefore, we advise investors to limit chasing stocks at all costs to prepare resources for portfolio restructuring during this short-term correction.

According to the “Price Action” analysis method for VN30, we have 17 codes showing buy signals, 07 codes showing sell signals, and 06 codes showing sideways signals. SAB, VPB, VIC, VIB, CTG, VHM, GAS… show positive signals.

According to quantitative statistics, with today’s pattern, in the next trading session, VN-Index has a 52% probability of declining and a 48.35% probability of the closing price being higher than the opening price. Based on statistics, the index traded down with the closing price lower than the opening price on Tuesday’s trading session. Resistance is 1,160 points. Support is 1,134 points.

Stock Support and Resistance for the Day (EOD)

Stocks with sudden surge in trading volume today

Watchlist for tomorrow

Intraday Chart:

• Q4/2023 and 2023 Financial Results Statistics;
• Top 10 cities with the highest growth potential in international tourist spending;

US Stock Market: Forecast for tonight is choppy trading, possibly closing higher

Investors can download the full report via the following link:

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