Market Update [November 19] – VN-Index climbs nearly 18 points thanks to blue chips

19/11/2018 17:09

Report: Market Update

On Monday (October 19th), the VN-Index closed at its highs of the day as blue chips rallied. In addition, bank and oil & gas stocks also showed good gains, creating positive sentiment to the market.

By the closing bell, the VN-Index rose 17.87 points (+1.99%) to close at 916.06. Trading volume was nearly 150 million shares, worth VND3,600 billion. Breadth was positive, with gainers topping losers 191 to 85. Foreign investors net sold nearly VND93 billion on the HSX.

In view of technical analysis, the VN-Index’s chart shows a long green candlestick, and breaks out the strong resistance level of 912, or MA(20), are quite positive. Therefore, we believe that, in a positive scenario, the VN-Index will test the nearest resistance range of 920 – 930, at which investors can sell a part of the existing short-term portfolio. In a negative scenario, the nearest support range of VN-Index is forecast at 900 – 910, the next support range is expected at 880 – 890. Based on Kelly formula, the recommended proportion of the portfolio is 70% cash/ 30% stocks.

Please see the attached file for more details.