VN-Index experienced July 2024 with many strong fluctuations when in the first 2 weeks it increased from 1,240 points to 1,300 points, then suffered strong correction pressure in the next 2 weeks to the support zone around 1,220 points before recovering in the last sessions of the month.
At the end of the session on July 31, VN-Index narrowed its increase in the afternoon session, ending the session up 6.45 points, equivalent to 0.52% to 1,251.51 points. In the opposite direction, HnxIndex decreased 0.51 points, equivalent to 0.22% to 235.36 points.
VN-Index may experience a period of alternating fluctuations during recovery and upward breakout.
(Bao Viet Securities Joint Stock Company – BVSC)
“The VN-Index continues to recover but has yet to overcome the resistance zone around 1255-1265 points. Currently, the index is right next to this resistance zone, so it may experience a period of alternating fluctuations during the recovery and upward breakout process.
Overall, we believe that the market has temporarily found a short-term equilibrium in the 1212-1225 point range last week. However, the market may experience short-term consolidation fluctuations before establishing a more positive price movement in August.
For short-term positions that have been bought for trading, investors can consider selling to take profits when the VN-Index approaches the resistance zone of 1,255-1,265 points.
For trading activities this week, investors can open positions when VN-Index tests the support zone of 1,220-1,230 points.
VN-Index is accumulating positively around 1,245 points
(Bank for Investment and Development Securities Joint Stock Company of Vietnam – BSC)
“The VN-Index rose to 1,255 today before being pushed down by selling pressure and closing at 1,251.51 points, up more than 6 points compared to yesterday. The market breadth was quite balanced with 8/18 sectors gaining points, of which the Food and Beverage sector led the increase, followed by the Utilities, Banking, Insurance, Retail, etc. Regarding foreign transactions, today this sector was a net seller on the HSX and HNX floors.
Currently, cash flow is tending to circulate through sectors. VN-Index is actively accumulating around 1,245 points, short-term movements have not yet confirmed the end of the accumulation process.
The market is likely to continue its recovery in the next session.
(Yuanta Securities Vietnam Company – YSVN)
“We believe that the market will likely continue to recover in the next session, especially the VN30 index may retest the resistance level of 1,305 points. At the same time, the Largecaps group of stocks may continue to grow more than other groups of stocks and cash flow will still mainly focus on this group of stocks.
Banking, Food Production and Gas stocks increased positively, in which Food Production and Gas stocks are in a short-term uptrend, showing that short-term risks are showing signs of decreasing and investors are temporarily stopping selling at this stage.
However, we need to wait for further improvement in short-term cash flow. In addition, the short-term trend of the general market remains bearish. Therefore, we recommend that investors can hold a low proportion of stocks and only buy new stocks with a low proportion, prioritizing a defensive strategy during this period.
VN-Index still needs more time to accumulate
(Vietcombank Securities Company Limited – VCBS)
“The VN-Index ended the session with a green candlestick increasing points and maintaining its movement in the area around 1250. On the daily chart, the general index moved stably in the area of 1,240-1,250 and relatively good demand in the blue-chip group created momentum for the market, while helping investors reduce their worries about the market developments at this time. In addition to the upward RSI indicator, other indicators such as MACD and CMF have not shown any new signals, showing that the VN-Index still needs more time to accumulate back to the MA20 line to create the premise for the next trend.
On the hourly chart, the general index is showing signs of slowing down at the resistance line of the Ichimoku cloud, however, the CMF, RSI, and MACD indicators are all moving steadily and there are no risk signals to help reduce the probability of large fluctuations in the short term. If the momentum is maintained well and the cash flow is more active, the VN-Index will soon overcome the resistance at 1,255.
Source: VnEconomy
