HOSE_LONG_VPB_23.xtarget for short term is VND 23.x
Key:
provision reversal Q3 2024
monthly macd,
level line is about to cross signal line, signaling downtrend signal is about to end and switch to uptrend
VPB trade ideas
Long-term buying opportunity for valuable and growth stock VPBBy examining the monthly chart of VPB stock, we can observe a pattern resembling a "cup and handle" formation, albeit with a significant downward movement prior to this pattern. This deviation from the textbook "cup and handle" could potentially classify it as a "double bottom" formation. However, considering the market's turmoil during the COVID-19 pandemic, the widespread sell-off, and VPB's relatively recent IPO, investor confidence might have been initially low. Nevertheless, a remarkable recovery ensued, culminating in a textbook Elliott wave 3 surge.
Currently, the stock appears to be in the "handle" phase of the cup and handle formation. Based on the two previous peaks, a parallel price channel can be drawn, suggesting that the bottom of the ABC corrective wave could lie around the "Handle & Parallel Channel" zone marked at 16.6k.
Alternatively, following the principles of supply and demand, the bottom of wave 4 or the conclusion of wave ABC could reside within the highlighted demand zone around 12.2k. This zone also coincides with a previous break below the "cup" level, which subsequently formed a second "double bottom" pattern and continued its upward trend with a bullish flag formation.
As market participants, we should closely monitor the price action around these support zones and await clear signals before entering the market.
