TODAY’S PRICE ACTION - REVERSAL AT THE END OF THE SESSION
The whole trading session seemed to be dominated by red as the stocks of the VIN family continued to have a disappointing decline.
The efforts of GAS, FPT, HPG, STB to pull the market back up could only help the market avoid a fifth distribution day.
At the end of the trading session, the VN-Index closed in the upper half of the daily price range at 1,211.5 (slightly down -0.03%) with a larger volume than the previous session.
The price action of the main index today showed that the market has temporarily found a balance at the 50-day moving average (MA50) after several days of decline.
Looking at the VN-Index, you can see that in the past week, the market has started to see many strong declines of over 1% accompanied by large volumes and then one or two sessions of slight recovery.
Clearly, these are signals that are quite easy to spot in the Vertical Violation event that has appeared before in August last year or further back in April 2022.
If the Vertical Violation event happens again, don’t expect the market to soon return to an uptrend.
The first recovery efforts from the bottom accompanied by the appearance of a Follow Through Day (FTD) have a high probability of failure because simply the market’s rapid declines are not enough time to shake off investors from stocks.
Investors will not react quickly to the sharp drops and will certainly hold on to their stocks and hope that the market will rise again, which is why the first recovery attempts have a high risk of failure.
The potential Double Top reversal pattern is still being observed by us on the VN-Index.
A sharp drop below MA50 with large volume will be the first sign before the main index confirms breaking through the bottom in between the Double Tops.
The price target for this pattern is 1,065 - 1,075 points (equivalent to breaking through the 200-day moving average MA200) The brightest spot of today’s market must be mentioned for stocks that closed in purple such as PC1.
🔮PC1 stock continued to have a session up nearly 7% after breaking out of the Double Bottom (W) pattern before, currently the stock has risen far away from the reasonable buying area +5% from pivot point.
The whole trading session seemed to be dominated by red as the stocks of the VIN family continued to have a disappointing decline.
The efforts of GAS, FPT, HPG, STB to pull the market back up could only help the market avoid a fifth distribution day.
At the end of the trading session, the VN-Index closed in the upper half of the daily price range at 1,211.5 (slightly down -0.03%) with a larger volume than the previous session.
The price action of the main index today showed that the market has temporarily found a balance at the 50-day moving average (MA50) after several days of decline.
Looking at the VN-Index, you can see that in the past week, the market has started to see many strong declines of over 1% accompanied by large volumes and then one or two sessions of slight recovery.
Clearly, these are signals that are quite easy to spot in the Vertical Violation event that has appeared before in August last year or further back in April 2022.
If the Vertical Violation event happens again, don’t expect the market to soon return to an uptrend.
The first recovery efforts from the bottom accompanied by the appearance of a Follow Through Day (FTD) have a high probability of failure because simply the market’s rapid declines are not enough time to shake off investors from stocks.
Investors will not react quickly to the sharp drops and will certainly hold on to their stocks and hope that the market will rise again, which is why the first recovery attempts have a high risk of failure.
The potential Double Top reversal pattern is still being observed by us on the VN-Index.
A sharp drop below MA50 with large volume will be the first sign before the main index confirms breaking through the bottom in between the Double Tops.
The price target for this pattern is 1,065 - 1,075 points (equivalent to breaking through the 200-day moving average MA200) The brightest spot of today’s market must be mentioned for stocks that closed in purple such as PC1.
🔮PC1 stock continued to have a session up nearly 7% after breaking out of the Double Bottom (W) pattern before, currently the stock has risen far away from the reasonable buying area +5% from pivot point.
