Market Outlook: Continuous Bullish Trend, Will VN-Index Reach 1,200 Points?

With a positive viewpoint, SHS believes that the short-term movement of the VN-Index will aim for the psychological resistance zone of 1,200 points and may experience further consolidation to strengthen internal forces before being able to surpass this barrier.


The stock market started the last week of the year of Quy Mao unexpectedly excited. The banking group played a leading role in pulling the VN-Index to close the session on February 5, up 13.51 points (+1.15%) to 1,186.06 points.

The trading was quite active with improved liquidity compared to the previous session, with a trading value of nearly 17,000 billion VND on HoSE. However, foreign trading was a downside when net selling was 93 billion VND across the market.

Opinions about the market in the coming sessions are mixed:

Continuing the upward trend

Yuanta Securities: The market may continue its upward trend in the next session. The positive point is that the market shows signs of entering a period of strong positive volatility, and if the market maintains its upward momentum in the next session, the VN-Index may completely surpass the resistance level of 1,187 points. This is the old peak in January 2024.

In addition, the short-term sentiment indicator continues to decline, showing that the market is still diverging between stock groups and money mainly flowing to large-cap stocks. The short-term trend of the general market is still UP, especially the short-term trend of the banking group is assessed as more positive, so investors should pay attention to this group of stocks in the short term.

CSI Securities: In addition to the increase in volatility, the liquidity is also a noteworthy point when the trading volume is high, with the traded volume exceeding the 20-day average. This is a positive sign that the upward trend still shows signs of sustainability in the coming sessions and is likely to quickly approach the resistance level of 1,200-1,210 points.

However, CSI believes that this resistance level is currently very close, so despite the short-term optimistic signal, there is still potential risk when stocks return to the account. Therefore, we maintain a selling attitude and take profit when the VN-Index approaches the resistance level.

Aiming for the resistance level of 1,200 points

SHS Securities: From a short-term perspective, the market in the first upward wave is to move within a wide consolidation channel, and the VN-Index is gradually approaching the short-term psychological resistance level of 1,200 points once again. With a positive view, SHS believes that the short-term movement of the VN-Index will aim for the short-term psychological resistance level of 1,200 points and may have further consolidation oscillations to strengthen internal strength before being able to break through this threshold.

Continued fluctuations

BSC Securities: The VN-Index on February 5 had quite positive developments and closed the session at 1,186.06 points, up more than 13 points compared to the previous session. The market trend is quite positive after nearly 2 weeks of fluctuating in the range of 1,163 – 1,186 points along with the leadership of stocks with large capitalization and improved liquidity. Shaky trading sessions are still taking place as the VN-Index consolidates its trend and moves towards new high levels in 2024.

Risk of reversal

However, the VN-Index is still within the range of influence of the resistance around 1,185 points (+/- 10) and the risk of reversal adjustment needs to be noted in the coming sessions. The scenario of short-term peak formation is only minimized if the index can surpass the upper limit of the resistance zone without undergoing a clear retracement immediately after.

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