Published Date: 28/08/2014
On August 26th, the VN-Index closed at 629.06 (+3,18pts, +0.51%), advanced for the 5th successive session after breaking out the 5-year peak resistance at 610. Liquidity showed some supporting signals for the current uptrend with volume being over 150 million shares in the last 3 sessions, 54% higher than the previous 20-day average.
The VN-Index is forming a new uptrend after consolidating around 600 for a while. This 600 level will play a role as a strong support at the moment. In the short term, the index is close to the Fibonacci Projection 123.6% resistance at 635, therefore there may be some choppy movements in this range.
Forecast: The VN-Index is likely to pull back when testing the 635 resistance level. However, in the short and middle term, it tends to continue its current uptrend.
Short Term Trading Strategy: Taking profit on stocks that had correction signals following a significant increase. Buying and holding ones with good fundamental.
