Stock market commentary July 15: VN-Index continues to rise, approaching the 1,470 point mark

The leadership of real estate, retail, automobile and spare parts sectors helped the market maintain green, despite increased profit-taking pressure.

According to BSC Securities, VN-Index recorded an increase of more than 12 points with 14/18 sectors increasing points. Liquidity reached 1.3 billion shares, equivalent to 31,449 billion VND, up 6% compared to the previous session. The "candlestick with a shortened leg" sign shows good bottom-fishing demand, reinforcing the trend towards the 1,480-1,500 point range in the coming sessions. However, foreign investors only bought slightly on the HSX and sold on the remaining exchanges.

Yuanta Vietnam Securities forecasts the market will continue to rise but there may be corrections due to the index being overbought. However, the sentiment indicator has not reached an overly optimistic level, indicating that the market is not facing the risk of a strong correction.

MAS Securities emphasized that active cash flow helped the VN-Index narrow its decline towards the end of the session, although at one point the index lost more than 10 points with three times more declines than gains. Liquidity exceeded the 20-session average, and the short-term technical score reached +5, showing a positive state.

On the contrary, Asean Securities maintains a neutral view, predicting that the market will fluctuate strongly due to the RSI and Stochastic indexes being in the overbought zone, plus profit-taking pressure and the impact from the historical peak in early 2022. The near support zone is 1,450-1,460 points, while the resistance is 1,480 points. Trading volume reached 1.25 billion units, exceeding the 20-session average.

TPS Securities also forecasts that the VN-Index may fluctuate in the short term, although the “Cup & Handle” model shows the potential for a medium-term increase to 1,600 points. Profit-taking pressure and overbought conditions make the market need to accumulate before continuing to increase. However, new cash flow may reduce short-term risk signals.

Securities companies recommend investors closely monitor market developments, especially at the resistance zone of 1,480-1,500 points, to adjust their strategies appropriately in the face of profit-taking pressure and potential fluctuations.

Source: https://baonghean.vn/nhan-dinh-chung-khoan-15-7-vn-index-tiep-tuc-da-tang-tien-sat-moc-1-470-diem-10302302.html