VN-Index 22/10/2026: Breaking Above MA20 but Breadth Weakening

Yesterday the entire market rose together. Today the index continues rising — but most stocks are standing still.

VN-Index opened at 1,746.15 points, significantly higher than yesterday’s high (1,738.91) by 7 points — the largest gap since 24/08. The opening price was also the day’s low: the index never retraced to fill the gap. The index reached 1,763.55 and closed at 1,760.63 points (+21.96 points; +1.26%), at 83% of the day’s range — the highest close since 30/09. Volume was 572.0 million units, down 29% from yesterday, equaling 1.07x the 20-period average.

MA = average price over N recent sessions. RSI = thermometer measuring price strength/weakness (below 30 is “cold”, above 70 is “hot”; around 50 is neutral). MACD Histogram = measures momentum speed; switching from negative to positive means momentum is turning up. Vol/Avg20 = today’s volume versus 20-period average.

Index gains, but declining stocks outnumber advancing stocks

On HOSE, 144 codes advanced and 158 declined (ratio 0.91) — ending a five-session streak of advancing codes dominating. The percentage of stocks above MA20 edged up to 60.2%, above MA50 to 45.8%, but codes closing at 52-week lows increased from 9 to 12. A session with an index up over 1% but more declining than advancing codes is not rare, but uncommon: the last time was 04/09.

Most gains came from the Vingroup sector: VIC +4.16% to 232.9 and VHM +3.56% to 64.0 (volume 1.64x average, largest transaction value on exchange around 884 billion VND); VPL +2.40%, VRE +1.40%. Energy bounced sharply after yesterday’s decline: PVD +5.00% at 2.62x average volume, BSR +3.91%, PLX +1.99%, GAS +1.43%. Banking reversed course: 6 codes up, 10 codes down, including LPB -1.76%, BID -0.88%, TCB -0.73%. Securities also slightly declined (VND -1.08%, VCI -1.02%), except ORS up 6.48% at 3.49x average volume.

Previously Featured Stocks

GMD is a bright spot: up 4.55% to 57.5, volume 2.63x average — decisively broke past the 55.0 – 56.0 zone that blocked price twice, setting the highest close in about a year of data. The positive technical signal from Case A noted on 20/10 has formed; next target is 57.98 (March peak), with 55.0 – 56.0 now a reference support. PVT recovered 2.61% to 23.6 but volume only 0.64x average, after dropping 4.96% with 2.05x volume yesterday — another weak rebound lacking buying power, still below resistance zone 24.1 – 24.45. MSB declined 0.96% to 15.4 at only 0.51x volume — a mild pause, still above the old high 15.0. VRE +1.40% to 25.3, touched 25.5 — entering resistance zone 25.1 – 26.2. ANV +3.00% to 18.90, closed at day high, fully recovered yesterday’s loss. CTD -1.50% to 65.5, closed near day low, volume 1.39x.

PET, DCM, FPT: Limit-up after sharp pullback, four-month high, and fruitless effort

Trend Template = set of 8 criteria checking sustainable uptrend; 6-8/8 is “solid structure”, 3-5/8 is “transitioning”, 0-2/8 is “weak”. RS Rating = relative strength rank versus entire market (1-99). Stage 1-4 = four phases of price cycle like four seasons: accumulation, markup, distribution, markdown. Price adjusted for corporate actions in AmiBroker data.

PET — limit-up after sharp intraday pullback

Petrosetco surged 6.91% — hitting limit-up — to 53.40 thousand VND, closing at day high, volume 1.09 million shares (1.37x average, highest since 29/09). Today’s session makes sense only when placed beside yesterday: on 21/10, PET fell to 46.50 — about 7% below reference price — then was pulled up, closing flat at 49.95. In Wyckoff terms, a sharp drop below support followed by immediate recovery is a “Shakeout/Spring”: impatient holders are forced out before price rises. Broader context: PET rallied sharply from around 39 to 48 by end-September, topped at 56.9 on 30/09, then corrected to around 50 on very low volume — many mid-October sessions showed only 0.26 – 0.67x average (No Supply — supply drained). Structure scores 8/8, RS 98 — among market’s strongest. This is Case A forming: technical signal will be clearer once price breaks 56.9 – 57.4 zone (previous close and intraday high early October) on strong volume. Zone 49.95 – 50.5 is a reference support; if price falls below 46.5 (shakeout low), the technical thesis needs reassessment. Note: liquidity is thin (around 40 billion VND/session), so price swings can be large.

DCM — fertilizer hits four-month closing high

Ca Mau Fertilizer rose 2.62% to 35.25 thousand VND, closing at day high, volume 3.92 million shares (1.62x average, highest since 28/09). This is the highest close since 12/06. DCM’s story is a series of rising lows over three months: 52-week low close 28.9 on 22/07, then pullbacks to 30.5 (14/08) and 32.5 (05/10) — each new low higher than the previous one. Price is above MA20 (34.02) and MA50 (32.87), RS 81. However, MA150 (35.75) is still declining and sitting just above MA200 (36.18), so longer-term structure is only 3/8. This is Case B in late stage — accumulation structure (Stage 1) approaching the threshold into an uptrend. Zone 35.75 – 36.2 (MA150, MA200, and June high) is a notable technical resistance; zone 33.8 – 34.1 (sideways moves from last week, MA20) is a reference support.

FPT — two sessions of large volume but price stands still

FPT held flat at 57.40 thousand VND for the second straight session, but volume increased to 10.09 million shares (1.93x average, highest since 09/10), after 8.77 million yesterday (1.59x). Price reached 58.7 then closed near day low (7% of range). As the broader market rose nearly 69 points in two sessions, FPT didn’t gain a single point. VSA calls this “Effort vs Result”: enormous volume traded but price goes nowhere. In context: FPT is in a downtrend (Stage 4) — price below all four moving averages, MA150 and MA200 both declining, structure 0/8, RS 40 — and only 2% away from 52-week close low (56.3, on 13/10). In this position, large volume could be buying support absorbing supply at the bottom, or could be supply exiting on the market bounce; the close near day low leans toward the latter interpretation. This is Case C at monitoring level: weak technical signals have not been cleared. Zone 58.2 – 58.7 is near technical resistance; zone 56.3 (52-week low) is a reference support — if price falls below this zone on heavy volume, weak signals become clearer.

Average True Range over 14 periods (ATR — typical daily “swing”): PET around 2,100 VND, DCM around 930 VND, FPT around 1,560 VND — educational reference to gauge personal risk tolerance. If price falls below reference support zones, corresponding technical thesis should be reassessed. Investors self-evaluate suitability per individual risk appetite.

Key Price Zones to Watch Next

The price gap at 1,738.9 – 1,746.2 and MA20 (1,738.5) form the nearest reference support zone; below that is the 1,711 – 1,725 zone just cleared yesterday. Overhead, the index is in the 1,753 – 1,764 zone (early October highs), then MA50 (1,772.2) and the MA150 – MA200 cluster (1,791 – 1,797). The pullback test (Back-Up) we are watching for remains the key: if the pullback holds above the gap zone on low volume and breadth doesn’t deteriorate significantly, the recovery structure is confirmed. If the index continues rising on just a few large-cap stocks while declining codes dominate, the rally will lack foundation.

All mentioned codes listed on HOSE.