Vietnam Stock Market on 11/8 through technical ‘prism’

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  • According to SHS, VN-Index is likely to continue shaking with a amplitude in the range of 835-850 points (MA20-50).
  • VDS believes that Vietnam Stock market will have corrective actions but will continue the process of exploring 837-850 points.
Securities companies Positive Neutral Negative
BVSC X
SHS X
VDS X
KBSV X
MBS X

Control down – (Bao Viet Securities Company – BVSC)

Although continuing to increase, selling pressure from the resistance zone 850-860 points made VN-Index formed a red candle. The 3rd consecutive candle in the form of Spinning top continued to show hesitation between both sellers and buyers as the index approached the resistance zone around 850 points. Selling pressure at the end of the session caused the index to continue experiencing shaking pressure in the next session. The index will continue to receive support from the SMA20 (827-837 points respectively) in the next few sessions.

Know Sure Thing indicator turned up after today’s session and tended to cut its signal line. Meanwhile, MACD also maintained its gaining trend above its signal line and approached level 0. This supports the possibility of the index’s short-term uptrend. However, the Stochastic Oscillator and a few other momentum indicators have approached the oversold zone, indicating that the market will soon face with correcting pressure in the short term.

The index is expected to correct down in a few sessions before returning to challenge the resistant level located at the upper trend line of the parallel price channel formed from early June until now (850-860 points respectively. ).

Shake with amplitude in the range of 835-850 points – (Saigon-Hanoi Securities Company – SHS)

The VN-Index increased slightly in the first session of the week and the index ended above 835 points (MA20), trading volume increased compared to last week’s session and higher than the 20-day average of 277 million shares. The index’s short-term technical signals are positive with the support level at 835 points (MA20). The index’s medium-term technical signal is negative with the resistance level at 850 points (MA50). Regarding the long-term trend, VN-Index is currently moving in the bear market with the resistance at 880 points (MA200). It is forecasted that in the next session on August 11, VN-Index might continue shaking with a amplitude of about 835-850 points (MA20-50).

HNX-Index increased slightly in the first session of the week and the index ended below 114 points (MA50), matching volume increased compared to last week’s session and higher than the 20-day average of 47 million shares. The index’s short-term technical signals are positive with the support level at 112 points (MA20). The index’s medium-term technical signal is negative with the resistant level at 114 points (MA50). Regarding the long-term trend, HNX-Index is currently moving in the bull market with the support at 107 points (MA200). It is forecasted that in the next session on August 11, the HNX-Index might continue struggling and shaking with a amplitude of about 112-114 points (MA20-50).

There is corrective action but will continue the process of exploring the 837-850 point – (Rong Viet Securities Company – VDS)

VN-Index gained after 2 indecisive sessions but was blocked at the upper border of the parallel channel (850 points) and cooled again. Technical indicator MACD still recovered after surpassing the signal line, RSI was indecisive at the 50 zone, and inched up. This shows that the VN-Index is facing a fairly strong resistance after many consecutive gaining sessions. However, in general, recovering motivation is still there so it’s still not possible to see that the index will reverse. It is expected that the VN-Index will have corrective actions but will be supported at 837 points and continue to explore at 837-850 points.

The HNX-Index gained but was still blocked at 114 points. Technical indicators MACD still recovered after surpassing the signal line, RSI was hesitant to stay above 50. This shows that HNX-Index is still in a recovery span and is challenging at 114 points. Technical signals have improved so the reversing pressure is not high and the index will continue probe around 114 points.

In summary, the VN-Index is facing with resistance at 850 points after many consecutive gaining sessions. However, there is not enough signal to tell the market will reverse. It is expected that the market will have corrective actions but will continue the process of exploring 837-850 points. Therefore, investors should observe the market’s movement and wait for more signs to come up with a reasonable strategy.

The risk of reversal continues to increase – (KB Securities Vietnam – KBSV)

The VN-Index had a thriving session at the beginning of the session, but selling pressure increasing at the end of the session narrowed most of the intraday gain. The appearance of the negative inverted hammer candlestick pattern when the index approached the 85x resistance level made the risk of reversal increasing. After reducing the proportion, investors are recommended to wait for strong corrections, when the VN-Index drops to the support zone of 820-825 before reopening a part of short-term trading positions.

Retest the resistance level at 845-850 points – (MB Securities Company – MBS)

Cash flow strongly flowed into stock groups to help push the indices up to reach their old peaks, before being pushed back and closed with a slight gain. The close is much lower than the highs, giving the low very strong selling pressure at the old high. Although there are no signs that the indexes will reverse, but caution at the old peaks is still necessary. In the next sessions, VN-Index might retest the resistance level at 845-850 points. MBS recommends trading strategy investors who participated in bottom-fishing activities in the last 2 weeks to actively take profits with stocks that have gained quite a lot in order to protect their trading results in the short term.

Investors should only consider comments of securities companies as a source of reference information. Securities companies all recommend disclaimer for the above judgment.

Source: NDH

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