Securities company's perspective: Struggle in the bottom detection process

The rising session has relieved some of the selling pressure and made the market situation less negative, but the tug-of-war is likely to continue in the coming sessions.


After dropping more than 100 points last week, the stock market entered the new week with positive support information coming from the KRX system. Demand quickly dominated on a large scale, helping the green color cover most stock groups, especially the two securities and banking groups.

At the end of the April 22 session, VN-Index increased 15.37 points (+1.31%) to 1,190 points. However, liquidity is quite low, the matched order value on HoSE only reached approximately VND 14,000 billion. Foreign investors traded less actively with a net sale of 172 billion VND across the market.


Commenting on the market in the coming sessions, securities companies mostly gave mixed comments:

The risk of decreasing after the recovery is still high

SHS Securities: In the short term, the breach of VN-Index support at 1,250 points has definitely directed the market into a downward trend and returned to the wide accumulation channel of 1,150-1,250 points. The recovery session on April 22 may only be a technical recovery and there is a risk that the VN-Index continues to decline after the recovery is still high and in that scenario, the reliable support level will be the 1,150 point area. The index's near resistance is the psychological mark of 1,200 points.

Start the bottom detection process

BSC Securities: VN-Index is starting the process of finding the bottom as it approaches support levels. However, the decline in liquidity in the April 22 session shows that market sentiment is still weak, investors should trade carefully in the coming sessions.

There is not much room left for recovery

VDSC Securities: The market recovered after a strong dispute session around the MA line (200). The recovery is stopping at the gap down on April 19, the range of 1,190-1,193 points. Liquidity decreased sharply compared to the previous session, showing that support cash flow is still cautious, especially when the market recovers to the falling gap area.

The current recovery momentum is largely due to supply cooling down after many sessions of great pressure, with expectations of information supporting KRX. The recovery may continue in the next trading session, but the recovery may not be much longer because the 1,200 - 1,210 point area is a quite strong resistance area in the short term. At the same time, the risk of backing down after the recovery period still exists because the support cash flow is generally not positive.

Conflicting developments

KBSV Securities: After opening a gap up at the beginning of the session, VN-Index fluctuated at the end of the morning session before gradually regaining momentum in the afternoon session. The index closed and formed a "Spinning" candlestick pattern after the opening gap increased, along with a decrease in liquidity, showing that the recovery momentum has slowed down, not too convincing. The rising session has relieved some of the selling pressure and made the market situation less negative, but the tug-of-war is likely to continue in the coming sessions.

Recovery can continue

Yuanta Securities: The market may continue to recover in the next session and the VN-Index may retest the resistance area of ​​1,200-1,225 points. However, the risk of price decline is still high, so the market cannot avoid strong shaking sessions, especially liquidity is still low, showing that cash flow is not ready to return to the market.

The positive point is that the risk of banking and securities stocks shows signs of gradually decreasing and the T+ trading buying point appears on these two stock groups, so Yuanta expects the short-term downward momentum of the market to slow down. in the next few sessions.

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