[Market News 24/07/2024] SELLING PRESSURE IS INCREASING FROM INDIVIDUAL INVESTORS, CAUSING THE MARKET TO DECLINE

Some important notes:

– With the red candlestick falling below the support zone, this is a negative signal for the market. The only bright spot is that when support was broken, trading volume did not increase. This is similar to the break of the 1,300-point resistance without volume. In technical model theory, these are not reliable breakouts and often result in Fake outs. However, the index needs to recover above this support zone in the next 2-3 sessions, otherwise, it will remain a downtrend wave pattern.

– The lower band opening up for downside price support, along with the formation of a structural downtrend wave, is a strong risk warning signal at this time. Technically, investors should continue to reduce portfolio weight and manage risk.

– Regarding cash flow, the selling of banking stocks at the end of the day created a negative effect. This is the group we expected to counteract the market’s decline, and if this group continues to fall, negativity will prevail in the short and medium term.

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SOURCE: AAS RESEARCH

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