MARKET INSIGHTS_19032024
Regarding trading, we have had 2 distribution days in the past period according to William O’Neil’s theory. With 2 distribution days, we still play the role of observer rather than an immediate selling point. In reality, the market is still trading well with a back-and-forth trading style around the support area. The longer this process lasts, the higher the chance of the decline stopping.
The VN-Index may need more time to re-accumulate around the double-top pattern area to erase negative technical signals at this time;
The VN-Index could also move according to an ABC pattern with support at 1,200 points. However, regardless of the trend, the key point of a decline to support remains a good buying zone;
The banking group is trading at the support of the 4th downtrend wave, and we see the process of trading according to bottom-forming patterns taking shape (ranging up and down around support is a common occurrence).
The securities group may still face net selling pressure from foreign investors due to the continuous withdrawal of fund certificates in this sector.
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