VN-Index Under Pressure to Move Within Support Zone Around 1,650–1,670 Points

VN-Index is under pressure to correct toward the support zone of 1,650–1,670 points, according to multiple brokerage assessments cited by VnEconomy. YSVN noted that the index posted a third consecutive pullback, while the decline in trading value suggested signs of exhausted supply.

At the close on 6 April, the VN-Index fell 9.05 points, or 0.54%, to finish at 1,674.99. On the HNX, the HNX-Index declined 3.65 points, or 1.47%, to close at 245.03.

Market development

Several technical views point to the index testing key moving-average support levels. BVSC said the VN-Index is testing the SMA20 support, with market breadth negative as 15 out of 18 sectors declined. Oil & Gas and Insurance were highlighted as the biggest laggards, while Industrial Goods & Services was the only sector showing a positive day.

BSC added that short-term resistance around 1,750 remains strong. SHS similarly stated the index continues to test the SMA20 and faces supply pressure at resistance levels, keeping the market in a cautious accumulation phase led by a small number of large-cap stocks.

Key data and technical levels

• VN-Index close (6 April): 1,674.99 (-0.54%)
• HNX-Index close (6 April): 245.03 (-1.47%)
• Support zone cited: 1,650–1,670
• MA200 retest expectations: around 1,660–1,666
• Near-term rebound range cited: 1,710–1,740
• Resistance band cited: 1,710–1,740 (and short-term resistance around 1,750)

TVS reported that the VN-Index fell to 1,675 points (-0.5%) and marked the fourth consecutive down day, with about 65% of HOSE stocks declining. TVS also said liquidity has fallen compared with the 10-day average and expects the index to retest the MA200 near 1,660 before rebounding.

YSVN projected a rebound in coming sessions within the 1,710–1,740 range, advising buying on dips while taking profits as prices approach the 1,710–1,740 resistance band. VCBS said the probability of the VN-Index continuing to trade around 1,670–1,750 is high, citing positive RSI trends and a stable MACD on the daily chart.

SSI stated the index is retreating toward MA200 around 1,666, warning that a lack of leadership momentum remains a downside risk. It added that a catalyst alongside improved liquidity would help confirm defense of the support and shape the next trend.

Impact and outlook

BVSC said this week’s market may be influenced by upgrade results and new developments in the Middle East conflict. The firm maintained that the market will defend the MA200 support region to continue the rebound toward MA50 around 1,770–1,785 points in April, while recommending investors maintain a balanced equity/cash ratio and use trailing stops for positions bought near the bottom.

SHS and TVS both emphasized caution, with SHS pointing to weakened sector prices and capital flows, and TVS highlighting margin-call pressure alongside weak macro factors as likely downside drags. SHS advised maintaining a neutral stance and looking for value opportunities in quality companies with high dividend yields if available.

Brokerage notes

N.B.: Market opinions from brokerage firms cited by VnEconomy are for informational purposes and may reflect conflicts of interest with investors.