[Market News 06/10/2023] CLOSE BUT NO CIGAR (MADE EFFORT BUT NOT ENOUGH FOR SUCCESS)

– Some notes:

(i) The VN-Index still stands above MA(200), a strong support level, but our experience shows that while it often acts as a precise resistance, it tends to fall when acting as support.

(ii) Cash flow has started to focus on pushing up prices in sectors benefiting from business recovery such as retail, chemicals, textiles… (Export-related sectors often perform better)… along with the VINCOM group having stabilized – This is also a good sign for the market, but these positive signals do not offset the downward pressure from the real estate and securities sectors, which are both currently highly valued and far exceed the intrinsic value of their stocks.

(iii) The current trading method, similar to Jesse Stine’s BCD (Buy, Cry, Die) pattern, also creates a negative effect.

– Index forecast for October 6, 2023: Statistics show that the index declined with the closing price higher than the opening price – indicating a hammer candlestick.

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SOURCE: AAS RESEARCH