STOCK MARKET REVIEW FOR THE WEEK OF 09/23/2024 – 09/27/2024
During the week of 09/23/2024 – 09/27/2024, the VN-Index continued its upward momentum from the previous week and retested the July and August 2024 highs (equivalent to the 1,290-1,300-point region). Moreover, trading volume surpassed the 20-week average since June 2024. This indicates that investors have started trading more actively again. This momentum will be a driving force for the index to break through this region in the short term.
TECHNICAL ANALYSIS
Trend and Price Oscillation Analysis
VN-Index – Testing the Neckline of an Inverse Head and Shoulders Pattern
On 09/27/2024, the VN-Index witnessed a slight decline and is currently retesting the July-August 2024 highs, with volume continuing to exceed the 20-day average, reflecting investors’ cautious sentiment.
At present, the MACD indicator remains on an upward trajectory and is positioned above zero, having previously generated a buy signal, suggesting that the recovery potential remains intact.
Additionally, the index is testing the neckline (approximately 1,285-1,300 points) of an Inverse Head and Shoulders pattern. If the recovery trend persists in the upcoming sessions and the VN-Index successfully surpasses the neckline, the potential price target could be in the range of 1,400-1,415 points.
HNX-Index – MACD Has Generated a Buy Signal and Crossed Above Zero
On 09/27/2024, the HNX-Index experienced a minor dip, accompanied by erratic volume fluctuations in recent sessions, indicating investors’ unstable sentiment.
However, the HNX-Index remains above the Middle line, while the MACD indicator maintains its upward trajectory and has crossed above zero, providing a buy signal. This suggests that the recovery potential remains intact.
Furthermore, the Stochastic Oscillator continues to climb after generating a buy signal, further reinforcing the current recovery scenario.
Money Flow Analysis
Fluctuations in Smart Money Flow: The Negative Volume Index indicator for the VN-Index has crossed above the EMA 20 line. If this condition persists in the next session, the risk of a sudden downturn (thrust down) will diminish.
Foreign Capital Flow Fluctuations: Foreign investors continued net buying on 09/27/2024. If foreign investors maintain this stance in the coming sessions, the outlook will become even more optimistic.
Technical Analysis Department, Vietstock Consulting
