6PM Call: Market: “Tailwinds, headwinds†- ITD update
​In short-term, (1) President Obama’s visit with bilateral cooperation and (2) FOL lifting at VNM will be tailwinds for market. The next resistance would be 638 – 640 pts, which is considered as very strong. In the past, there was only 1 time in 2007 when VNIndex broke out this level and formed “the giant wave 2007â€
After then comes 2 headwinds: (1) possibility of FED hiking rate as the recent FED minutes releasing yesterday stated that Ms Yellen would raise the rate if data improved in June and (2) Saudi Arabia could increase its oil supply at OPEC meeting in June. More to say, Vietnam stock market has been moving upward while other major global markets has been moving downward or sideways. Such divergence increased the probability that market is heading toward a peak.
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