Market Trends: the rough resistance


 Vietnam stock market started the new week with strong fluctuations as VN-Index exploded in the morning but selling pressure in the afternoon caused the index to reverse and used to drop below reference level. However, the green was still retained.

 At the end, VN Index gained 2.83 points, or +0.2% and closed at 1,395.53. Market liquidity remained at a high level when the trading value reached VND 23,652 bn, equivalent to 795 mn shares traded. As always, foreign investors continued to net sell VND 606 bn.

 GAS (+4.02%) maintained its gaining momentum leading the stocks that contributed positively to the VN Index, followed by VPB (+2.4%) and HPG (+1.05%). Meanwhile, the reversal of some big banking giants like CTG (-1.47%) and VCB (-0.52%), along with SAB (-1.72%) restrained the index's gain.

 The large-cap divergence was part of the reason why VN-Index continued to struggle. The first session of the week also marked the comeback of securities stocks when most of them had a good gaining session. Besides, steel stocks witnessed a good gain, although the gaining momentum has shrunk partially.

 Technically, VN Index ended the session forming a Doji candlestick pattern, showing that power between buyers and sellers are quite balanced, then confirmed that 1.4000 is a strong resistance level. Besides, the trading volume continued to improve, and the Bollinger Bands continued to widen, supporting a potential breakout of the index.


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