VN-Index still growing above support around 1,260 points
VN-Index had its 5th session fluctuating within a narrow range in the price range of 1,260 points - 1,280 points. VN-Index continued to be under selling pressure when it increased to the resistance zone around 1,280 points. At the end of the trading session on December 12, VN-Index decreased -1.51 points (-0.12%) to 1,267.35 points, under pressure to retest the average price range of 200 sessions around 1,260 points. Trading volume on HOSE decreased slightly -2.76% compared to the previous session, about 80% of the average level. This shows that the accumulated adjustment pressure is still relatively normal in many codes.
Market breadth was negative with 182 stocks decreasing, 117 stocks increasing and 62 stocks maintaining the reference price. The market is under pressure to restructure portfolios and sell short-term after VN-Index recovered from the 1,200-point price range. Foreign investors sold more strongly on HOSE with a value of -295.8 billion VND in the session on December 13.
According to experts from Saigon - Hanoi Securities Company (SHS), in the short term, VN-Index is still growing above the support level of around 1,260 points, corresponding to the average price of 200 sessions, and is facing a resistance zone of 1,280 points -1,300 points. This is a very strong resistance zone, the peak zone of March-July 2024 and September-October 2024 from the beginning of the year until now. To be able to overcome this very strong resistance zone, the market needs momentum, strong support from fundamental factors, and outstanding growth prospects. In the medium term, VN-Index has maintained a wide accumulation channel since the beginning of the year until now in the range of 1,200 points to 1,300 points, with a balanced price zone of around 1,250 points.
“In the short term, market quality is still improving, many stocks are at relatively attractive prices, opening up many good opportunities. However, VN-Index is under pressure to adjust, accumulating above the support zone around 1,260 points, before waiting for new growth drivers such as expectations for growth in Q4/2024 business results and prospects for 2025. Investors should maintain a reasonable proportion. Consider selectively disbursing stocks with good fundamentals, expecting continued growth. Investment targets are aimed at leading stocks with good fundamentals,” said SHS experts.
VN-Index is still in an uptrend
According to the analysis team of Agribank Securities Company (Agriseco), on the technical chart, increased selling pressure at the end of the day caused the index to reverse and decrease slightly. However, the short-term uptrend is still being maintained when the nearest support level around 1,260 points has not been violated. The RSI indicator also showed a similar development, maintaining an upward peak-bottom pair, showing that the VN-Index is still in an uptrend. Agriseco Research believes that a sideways accumulation phase is a necessary factor after the rapid growth phase of the market.
“Bottom-fishing demand may gradually increase and regain dominance when the index retreats to near 1,260 points in the coming sessions. Investors should continue to hold their portfolios and prioritize new purchases of banking and real estate stocks when the index retreats to the above support zone,” said Agriseco experts.
Sharing the same view, experts from Yuanta Vietnam Securities Company (YSVN) said that the market may soon return to the uptrend in today's session, December 13, and the market is still in the adjustment phase after the previous increase. At the same time, this adjustment phase may end quickly when the market is still in a period of strong fluctuations in a positive direction, especially the reduced liquidity shows that the selling pressure is not worrying. In addition, the sentiment indicator continues to increase slightly, showing that investors are still optimistic about the current market developments.
“The short-term trend of the general market remains bullish. Therefore, investors can continue to take advantage of the correction to increase the proportion of stocks,” YSVN experts recommended.
► Some stocks to watch on December 13
Source: https://vov.vn/thi-truong/chung-khoan/nhan-dinh-chung-khoan-1312-vn-index-van-trong-xu-huong-tang-post1141707.vov
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