Stock Market Daily Forecast: VN-Index may continue its upward momentum

Continuing the upward momentum from the previous session, the VN-Index opened the morning session up slightly by 3 points. However, the supply pressure in Vingroup stocks caused the VN-Index to reverse and gradually retreat to near the 1690 mark. Selling pressure was recorded spreading to other industry groups with liquidity in this morning's session slightly increasing along with red dominating the market.

Foreign investors continued to net sell in this morning's trading session with a total net value of 209.29 billion VND, focusing on selling VIX, VPI, and VRE.

In the afternoon session, the demand increased again along with the effort to maintain the green color in some large-cap stocks that have contributed to the index recently, such as VIC, SAB, VJC, GEE, VPL, helping the VN-Index gradually narrow the decrease range and reverse to increase to near the 1,720 mark.

The red color also narrowed in the market when some industry groups such as Banking, Electricity, Rubber, Securities recorded the participation of active buying cash flow with impressive increases in stocks such as TCB, PC1, GVR, and VND (in which PC1 hit the ceiling).

Foreign investors reversed to net buy in the afternoon session with a total net value of 637.07 billion VND, mainly buying VJC, VIC, and TCB.

At the end of yesterday's session, the VN-Index closed at 1,717.06, up 15.39 points, equivalent to 0.90%.

The VN-Index ended the session up more than 15 points thanks to the efforts of the blue-chip group as well as the increase in active buying liquidity in the afternoon session.

On the daily chart, the /-DI lines showed signs of crossing each other, indicating that the alternating ups and downs in the session will continue in the short term. The two indicators, RSI and MACD, still maintained an upward trend, thereby strengthening the momentum of the VN-Index. Therefore, the VN-Index is expected to soon move up to the 1,735-1,740 zone, equivalent to the 0.5 mark of the extended Fibonacci scale.

On the hourly chart, the VN-Index of the session was similar to a white Marubozu candlestick, with the DI and ADX lines continuing to agree above the 25 mark, showing that the upward momentum of the VN-Index is being consolidated.

However, the VN-Index is going beyond the upper boundary of the Bollinger band, and the RSI indicator is at a high level, so the possibility of a tug-of-war in the next session is inevitable.

The VN-Index continued to follow the upward momentum and closed today's session close to 1,720 points. It is worth noting that the green color and demand have shown signs of more positive participation when the cash flow actively participated quite well in some market sectors. The VN-Index may go to 1,735 - 1,740 points.

VCBS recommends that investors look for opportunities in stocks in industry groups that have more prominent demand than the rest of the market and have had time to accumulate and consolidate the price base/convincing support zone to disburse part of the capital during the market's fluctuations. Some notable groups include the banking, rubber, and electricity sectors.