The enthusiastic upward momentum in the morning triggered short-term profit-taking trades in the afternoon, creating noticeable pressure. The VN Index once again climbed close to the 1300 mark, and a defensive stance has emerged.
The volume of successfully bottom-fishing trades over the past few days, along with the volume of trapped trades in the 1300 range, has been released, putting downward pressure on most stocks, including the strongest ones. In such sessions, the amplitude is constrained while large or small volumes reflect resistance.
Many stocks fell below the reference price by the afternoon; such stocks are weak, at least for this session. The rest needs to observe how much the green zone is pressured and how well the buying power can withstand the selling.
With the ‘original 1300 point’ statement, the three-session bounce is still considered a ‘test’ of the peak again, and it is unclear if there will be a breakthrough. Therefore, short-term profit-taking or reducing positions is normal.
Today’s highlight is that the money flow is very concentrated, and stocks with higher-than-average liquidity, along with a strong increase in amplitude, are robust stocks that can absorb short-term selling well. Stocks are differentiating in strength as money flow has not spread widely. The blue-chip group shows better money-attracting signals, maintaining more stable prices than mid-cap and penny stocks. This is reasonable because large money flow usually chooses blue-chip stocks or stocks with sufficient liquidity to operate.
The market is still in the testing phase for supply in the upward phase and within the old peak zone. Note that the VN Index is not homogeneous with stocks, and the peak of the VN Index is not the peak of the stocks. Therefore, many codes sold off today are not actually peaks at all but are psychologically influenced when the VN Index approaches the old peak. Therefore, when trading, observe the specific underlying price of the stock.
Still maintaining a positive market view, stocks that have risen rapidly in recent days may pause, and those that are still forming a base can be bought at a lower price due to general psychological pressure. In sessions like today, robust stocks are revealed, and a well-constructed portfolio remains unscathed.
Today’s derivatives market is challenging to profit from, although the VN30 index rose quite strongly, most of the increase was at the jump at the beginning of the session, while the intraday fluctuations were very narrow, but the basis differed quite widely. The points where VN30 exceeded 1367.xx were not effective for Long, and the breakdown points of 1367.xx did not get the corresponding basis.
The profit-taking session this afternoon created different price effects; purely looking at the VN Index shows weakness, but many stocks remain strong. Money flow into blue chips is positive, and large-cap stocks are still supportive. VN30 is much stronger than VN Index. The strategy remains to buy stocks, Long/Short flexibly with derivatives.
VN30 closed today at 1360.58. The nearest resistance for tomorrow is 1368; 1376; 1380; 1388. Support is at 1357; 1348; 1341; 1333.
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