Viewpoint 07/04: Consider taking profits at rebound rallies

Viewpoint 07/04: Consider taking profits at rebound rallies Brokerages recommend investors take profits gradually at rallies, maintain a moderate stock exposure, limit margin usage, and favor short-term trading given VN-Index continues to hover around the support area. Caution waiting for new signals Shinhan Vietnam (SSV) notes the market remains quiet with narrowing ranges and thinning liquidity. Nevertheless, the index stays above the MA200, indicating that selling pressure is not too strong and the range-bound condition persists. In their base case, the VN-Index is likely to remain sideways in a 1,580-1,800 point zone as geopolitical information cools but is not yet clear enough to form a new trend. Conversely, if tensions in the Hormuz Strait persist and oil prices stay elevated, inflation risk with weak growth could pressure the market. SSV argues investors should stagger injections on pullbacks and keep exposure at a moderate level. Money currently tends to flow into domestically driven sectors such as public investment, banks, and construction materials; real estate shows signs of money returning, while the stock sector benefits from the upgrade narrative. Potential move back toward around 1,660 TVS sees the VN-Index potentially retesting strong support near 1,660 before a rebound. A declining liquidity with a modest drop is viewed as a sign selling pressure is weakening, and the market is seeking balance. The unit expects FTSE Russell assessment results to support sentiment and help the index recover. In the near term, investors are advised to maintain a reasonable allocation and consider taking profits in parts as the index rises toward 1,730-1,740. Bias toward accumulation TPS believes the current decline is mainly a technical shakeout with liquidity staying low. Breaking above the short-term downward trendline suggests negative momentum has improved, but this does not yet confirm a durable uptrend. TPS projects the index may trade within 1,665-1,740 in the near term. In this context, the appropriate strategy is short-term trading with a moderate allocation, buying at support and selling near resistance, while maintaining about 50% cash to manage risk. Risk management priority VCBS notes mid-term technical signals remain positive as RSI climbs and MACD retains distance from the signal line, indicating demand support for the market. However, given unresolved macro and geopolitical factors, VCBS recommends investors lock in profits gradually for stocks that have reached targets. New investments should occur only on pronounced pullbacks, prioritizing fundamentally strong stocks in leading sectors such as consumer. Participation when there is a positive signal from the support test Asean (Aseansc) cautions that the VN-Index is weakening in the short term as it tests around 1,660-1,670. While no panic selling is evident, the rebound earlier has lost momentum and demand is being tested. The high-probability scenario is continued range-bound trading around this support. If held, the index could technically rebound to 1,680-1,690; if support breaks, downside risk grows. Aseansc recommends short-term investors maintain about 30-45% stock exposure, limit margin, and participate only when the market reacts positively at the support. Await upgrade catalyst Vikki BankS notes the market is stalling due to cautious money. However, an upgrade by FTSE Russell could provide a short-term psychology and liquidity boost, so investors should closely monitor upcoming sessions. Narrow trading range BSC notes liquidity weakness reflect cautious sentiment; the market is likely to stay narrow until stronger information appears to define a trend. Difficult to find clear opportunities SHS maintains a neutral stance as the VN-Index continues to consolidate in the 1,650-1,750 area. Upward pressure at resistance suggests the index may revert to the 1,650-1,670 area. According to SHS, after volatility driven by energy shocks and margin pressure, the market is currently supported by a handful of large-cap stocks, while many other sectors remain weak. This makes finding growth opportunities more challenging. Investors are advised to favor value opportunities, focusing on quality companies with high dividend yields, and to stay cautious in the current environment. Update by Tử Kính FILI - 18:28 06/04/2026