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VCSC Daily - Market down but selling pressure subside

Our view: Extended weakness in the last few days has prompted a change in our short-term technical view. The VNI closed 0.65% or 2.72 points lower at 412.91. The HNX slightly fell 0.23% or 0.16 points to close at 69.68. The short-term momentum indicators signaled a short-term top on Tuesday. This is not a sell signal but just an indication that upside momentum has faded. Hence, we downgraded the short-term ratings to NEUTRAL from UP.