[Market News 03/01/2024] POWER SECTOR GROUP PREVENTS THE INDEX FROM BREAKING THROUGH RESISTANCE

Some important notes:

– The VN-Index has been moving in the medium term according to the Three Rising Valleys (3RV) model since November 1, 2023. The resistance of this model is 1,134 points, and if there is a breakout from this resistance, the next price target is 1,245 points. The 1,042 point mark will be the area confirming the continued existence of the model.

– During the day, the index briefly surpassed the 1,134 point resistance level, but the closing price failed to break above the resistance.

– Foreign investors have resumed net selling, primarily through agreements related to financial fund certificates of SSI fund management company. It seems that capital is tending to leave the securities sector at this time. We note that the securities sector is still at a high valuation level, and this is generally not an ideal investment price range currently.

– The story of government inspection pointing out violations in the electricity sector and the Ministry of Industry and Trade heated up the market today.

– Index forecast for January 3, 2024: Statistics do not clearly indicate an upward or downward trend for the index. There is a high probability that the index will close with a hammer candlestick (green candle).

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SOURCE: AAS RESEARCH

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