Stock Market Outlook for the Week of April 22-26, 2024
During the week of April 22-26, 2024, the **VN-Index** rebounded strongly after retesting the **200-week SMA** and breaking above the middle Bollinger Band.
However, declining trading volume and levels below the 20-week average indicate that investor sentiment remains somewhat cautious.
Currently, the Stochastic Oscillator and MACD are both giving sell signals, indicating that there is still a risk of a pullback.
Technical Analysis
Trend and Price Momentum Analysis
VN-Index – Bullish Engulfing Candle Pattern Emerges
On April 26, 2024, the **VN-Index** continued to gain ground after successfully testing the **100-day SMA** and **200-day SMA** while also displaying a bullish engulfing candlestick pattern, suggesting that recovery prospects are emerging.
Additionally, the Stochastic Oscillator signaled a buy in the oversold zone and has since crossed above it, further strengthening the current recovery scenario.
However, trading volume has improved but remains below the 20-day average in recent sessions. If this improves in upcoming sessions, the recovery momentum will be more sustainable.
HNX-Index – Spinning Top Candlestick Pattern Occurs
On April 26, 2024, the **HNX-Index** declined and formed a spinning top candlestick pattern with volume remaining below the 20-day average, indicating investor caution.
On the other hand, the MACD continues to narrow its spread with the Signal line as the **HNX-Index** retests the long-term support trendline, which is also the 23.6% Fibonacci Projection level (approximately 220-226 points). If the indicator produces a buy signal in upcoming sessions, the index’s recovery scenario will be further reinforced.
Money Flow Analysis
Smart Money Flow Movement: The Negative Volume Index for the VN-Index has crossed down and is below the 20-day EMA. Therefore, the risk of a sudden decline (thrust down) remains relatively high.
Foreign Capital Flow Movement: Foreign investors returned to net buying on April 26, 2024. If foreign investors maintain this stance in the coming sessions, the outlook will be more optimistic.
Technical Analysis Department, Vietstock Advisory Division
