MARKET COMMENTARY WEEK 29/01-02/02/2024
During the week (29/01-02/02/2024), the VN-Index continued to decrease compared to the previous week, forming a High Wave Candlestick pattern that indicates the indecisiveness of investors.
Currently, the index is still above the 200-week SMA. If it can maintain this level, the outlook will not be too pessimistic.
TECHNICAL ANALYSIS
Trend and Price Oscillation Analysis
VN-Index – High Wave Candlestick Pattern
In the trading session on 02/02/2024, the VN-Index slightly decreased and formed a High Wave Candlestick pattern with above-average volume, indicating the investors’ hesitation.
In addition, the MACD and Stochastic Oscillator continue to move downwards after showing sell signals, indicating the existence of pessimistic prospects.
Currently, the index is still supported by the 78.6% Fibonacci Projection level (equivalent to the range of 1,155-1,165 points). If the VN-Index does not improve in the upcoming sessions and falls below this level, the risk will increase.
HNX-Index – Sideways Movement in Congestion Zone
In the trading session on 02/02/2024, the HNX-Index fluctuated and formed a Gravestone Doji pattern, indicating significant selling pressure.
Currently, the index continues to move sideways in the Congestion Zone (equivalent to the range of 226-232 points), accompanied by irregular volume fluctuations in recent sessions, indicating the unstable sentiment of investors.
In addition, the ADX has been consistently below the 20 threshold from November 2023 to the present, making it difficult to expect a breakthrough in the index in the near future.
Fund Flow Analysis
Smart money movement: The Negative Volume Index of the VN-Index has crossed above and is above the 20-day EMA, reducing the risk of sudden downward thrust.
Foreign fund movement: Foreign investors continued to be net sellers in the trading session on 02/02/2024. If foreign investors maintain this action in the upcoming sessions, the outlook will be more pessimistic.
Technical Analysis Department, Vietstock Advisory Department
