MARKET ANALYSIS FOR THE WEEK OF JANUARY 19-23, 2026
During the week of January 19-23, 2026, the VN-Index retraced after five consecutive weeks of gains.
The medium-term uptrend remains intact as the index closely follows the Upper Band of the Bollinger Bands, and the MACD continues its upward trajectory following a buy signal.
However, short-term volatility is likely to persist as the Stochastic Oscillator enters the overbought territory. The Middle Band of the Bollinger Bands will serve as a critical support level for the index in the coming sessions.
TECHNICAL ANALYSIS
Trend and Price Oscillation Analysis
VN-Index – Stochastic Oscillator Signals a Sell
On January 23, 2026, the VN-Index declined for the second consecutive session, accompanied by a small-bodied candlestick pattern and erratic trading volumes, indicating investor uncertainty.
Currently, the MACD is declining after issuing a sell signal, suggesting a less optimistic short-term outlook.
Additionally, the Stochastic Oscillator has re-entered the overbought zone with a sell signal. This heightens short-term risks if the indicator exits this range in upcoming sessions.
HNX-Index – Big Black Candle Pattern Emerges
On January 23, 2026, the HNX-Index declined, forming a Big Black Candle pattern, reflecting subdued investor sentiment.
Presently, the Stochastic Oscillator continues to rise after a buy signal, and the HNX-Index remains well-supported by the Middle Band of the Bollinger Bands, indicating an ongoing short-term recovery.
Furthermore, the index remains below the 50-day SMA, while the MACD continues to rise after a buy signal and approaches the zero line. If conditions improve, the short-term outlook will strengthen.
Money Flow Analysis
Smart Money Movement: The Negative Volume Index for the VN-Index remains above the 20-day EMA. If this persists in the next session, the risk of a sudden downturn (thrust down) will diminish.
Foreign Investor Flow: Foreign investors continued net selling on January 23, 2026. If this trend persists in upcoming sessions, the outlook will become less favorable.
Technical Analysis Team, Vietstock Advisory Department
– 16:58 January 25, 2026
