The market struggled around the 1,105 mark before being overwhelmed by selling pressure in the afternoon session. At the end of the session, VN-Index closed at 1,100.07 points, unchanged from the previous session. Market breadth was positive with 9/18 sectors gaining points, of which the strongest increase belonged to the Basic Resources sector. Regarding foreign trading, today this sector was a net seller on the HSX and a net buyer on the HNX. In the coming trading sessions, the market may continue to accumulate around the 1,100 mark to form a short-term bottom.
Vietcombank Securities (HM:VCB) (VCBS): Recovery soon to appear
From a technical perspective, the selling pressure at the end of the afternoon session caused the VN Index to form a Spinning Top candlestick, showing investors' hesitation. However, with the differentiation as well as the fact that the two indicators MACD and RSI on the hourly chart have dropped to low levels, there is a high probability that the VN-Index will soon have a short-term recovery if it can maintain the support area around 1,085-1,090.
VCBS recommends that investors stay close to the market, especially in the short-term support area around 1,085 - 1,090 to take advantage of fluctuations and disburse to buy stocks at better discounted prices.
KB Securities Vietnam (KBSV): Sell off if the index recovers
VNIndex experienced a period of fluctuation with alternating increases and decreases towards the end of the session.
The formation of a neutral spinning candlestick pattern at the end of the session shows that supply and demand pressure is still quite balanced. In the scenario where the notable support zone around 1,085 (+-5), corresponding to the MA10 line, continues to be held, VNIndex is facing the opportunity to extend the short-term recovery and move towards the expected target zone around 1,145 (+-5).
Investors are recommended to continue selling if the index recovers and once again approaches resistance zones.
