MARKET COMMENTARY WEEK 05-07/02/2024
During the week of 05-07/02/2024, the VN-Index showed a strong increase and displayed a White Marubozu candlestick pattern, indicating investor optimism.
Currently, the Stochastic Oscillator and MACD indicators still provide a buy signal, suggesting a positive outlook in the near future.
TECHNICAL ANALYSIS
Trend and Price Volatility Analysis
VN-Index – Continuous appearance of Golden Cross
In the trading session on 07/02/2024, the VN-Index increased while displaying a White Marubozu candlestick pattern, extending a 3 consecutive sessions’ upward trend, reflecting investor optimism.
In addition, the VN-Index continuously experienced a golden cross between the 50-day SMA and the 100-day SMA, as well as the 200-day SMA, in the context of MACD signaling a buyback. Therefore, the probability of a positive long-term outlook being maintained is high.
Currently, the index has surpassed the Fibonacci Projection 100% level (equivalent to the range of 1,180-1,195 points). If the upward momentum of the VN-Index continues to be strengthened, the potential target price could be the Fibonacci Projection 161.8% level, which is also the previous peak in September 2023.
HNX-Index – ADX continues to stay below 20
In the trading session on 07/02/2024, the HNX-Index increased slightly with below-average trading volume over 20 sessions, indicating investor caution.
Currently, the index has been experiencing alternating up and down sessions while the ADX continues to stay below 20, indicating that the current trend is very weak. If there is no improvement, the sideways and tug-of-war situation will continue.
Fund Flow Analysis
Smart money movement: The Negative Volume Index of the VN-Index has crossed up and is above the 20-day EMA. Therefore, the risk of sudden decline (thrust down) will decrease.
Foreign capital movement: Foreign investors continued to be net sellers in the trading session on 07/02/2024. If foreign investors maintain this action in the coming sessions, the situation will be more pessimistic.
Technical Analysis Department, Vietstock Advisory Department
