[Market News 05/07/2024] WAITING FOR A BREAKOUT POINT TODAY?

Some important notes:

– After breaking down to a low of 1,250 points, the VN-Index has risen back to this support area. Basically, this is also a good trading signal. Supply has also depleted, and there is no sell-off, which is also a positive technical signal.

– It is too early to determine if the VN-Index has successfully bottomed out. A bottom is a process, not a single trading session. Furthermore, the downtrend often shows an ABC pattern, meaning we might start seeing a B-wave rebound with resistance around 1,280 points. We need a breakout from the 1,280-point area to confirm the B-wave trend turning into a short-term uptrend.

– We are paying attention to the banking group, with BID showing impressive price increases. This is often an early rising stock whenever the VN-Index forms a medium-term bottom. Both BID and VCB are now facing medium-term resistance established since March 2024, and trading in the coming days may determine the market’s main trend.

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SOURCE: AAS RESEARCH

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