Market Recap - Falling under the 1300 threshold
01/10/2024

Summary

▶ On Tuesday's trading session, the market actively attracted cash flow and quickly surpassed the 1,300 threshold in the morning session. However, profit-taking pressure from the sellers caused the market to fail to conquer this psychological resistance level. Market volume increased sharply and remained higher than the 20-day average.

▶ At the end of the trading session, the VN-Index increased by 4.26 points (+0.33%), reaching 1,292.20 points; the HNX-Index increased by 1.14 points (+0.49%), reaching 236.05 points. Market volume reached VND 21.9 trillion, equivalent to about 982.3 million shares traded. Foreign investors were net purchase of VND 689.32 billion, focusing on TCB, FPT, VHM.

▶ Technical perspective: The exciting increase in the morning session was narrowed when selling pressure was strong in the afternoon session, despite the upward movement throughout today's session. This is the 5th session that the market has not surpassed the resistance level of 1300, so the fluctuations during the session are understandable. In the coming sessions, VN-Index may continue to accumulate in the 1290 area with tightening liquidity or experience fluctuations in the Gap area around 1280 points before there is a strong enough leading current to pull the market past 1300 points. In case of continued failure in approaching this old peak, the index will return to retest the 1,240-1,250 point area.

Strategy: Investors should observe at this price area, increasing the proportion if VN-Index successfully surpasses 1,300 points with improved market volume and wide amplitude.

Category
Daily
Author
Phuc Nguyen
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