Market Recap - Weakening of blue chips
22/10/2024

Summary

In Tuesday's trading session, selling pressure dominated the market despite the efforts to increase points in some specific codes in the Real Estate and Finance sectors. VN-Index is still in a tug-of-war with volume increasing sharply at the end of the afternoon session, making investors still in a position to wait for the right time to act.

At the end of the trading session, the VN-Index decreased by 9.88 points (-0.77%), reaching 1,269.89 points; HNX-Index decreased by 1.55 points (-0.68%), reaching 225.88 points. Market volume reached VND 19.1 trillion, equivalent to about 793.9 million shares traded. Foreign investors net sold VND 138.97 billion, mainly concentrated in FUEVFVND, KDH and VRE.

Technical perspective: After many unsuccessful tests of 1300, selling pressure took place, causing the VN-Index to fall by nearly 10 points, temporarily losing the mark of 1,270 points. The market closed at the MA50 support level and broke the previous trendlines. However, the positive point is that demand has appeared at the end of the session and the banking group is still standing. The market's trend continues to accumulate in a large range around 1,270 – 1,300 and there will be a divergence. The nearest support of the market is at 1,260. In case of continuing to violate the EMA50 mark, the index will return to retest the 1,240-1,250 point area corresponding to the 200 EMA.

Strategy: Investors should maintain a holding position while the market is still in a sideways state. The buy recommendation should wait for the market to fall to the 1,270 area and have a tendency to bounce back up or wait for it to surpass 1,300.

Category
Daily
Author
Phuc Nguyen
Details

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