After a quite impressive recovery, the stock market is gradually slowing down as the VN-Index approaches the strong resistance zone of 1,320 - 1,340 points. Increased cautious sentiment, along with profit-taking pressure in many stock groups, has caused the market to show signs of adjustment.
Many experts predict that the stock market may adjust in the coming trading week when short-term risks increase and indices are facing strong resistance, especially the market's increase has strongly differentiated in the past week and mainly focused on a few large-cap stocks.
The recent upward momentum is mainly based on large-cap stocks, while cash flow has not spread much to the mid/small-cap group, which makes market sentiment susceptible to fluctuations and caution.
Cash flow has also begun to show signs of weakening as investors are cautiously returning to Trump administration's tax warnings before the deadline of July 8, 2025.
However, the increase is still strongly concentrated in some capitalization stocks, most of which are Vingroup stocks. With the current situation, the increase will be unlikely to last, especially Vingroup's stock group has had a strong increase since the beginning of 2025.
Analysts from VNDirect Securities Company (VTCK) warned that the 1,320 - 1,340 point range will be a big challenge. When the market enters a period of information shortage to support after the first quarter reporting season and the general meeting of shareholders, the index may move sideways in the 1,290 - 1,340 point range to absorb profit-taking pressure, while waiting for new signals from the Vietnam - US trade negotiation round taking place in early June.
Sharing the same view, the analyst department of OCBS Securities also expressed the view that the market has had a fairly impressive recovery streak for nearly 2 months and is regaining its highest peak in March. Normally, when the market resistance is at its peak, trading will slow down and a differentiation signal will appear.
The market will have a series of fluctuations in a few weeks to create further growth momentum. Next week, if the market is optimistic, it can accumulate around the 1,300 threshold, however, investors need to pay attention to technical signals warning that the market is preparing for a short-term adjustment cycle.
Dr. Nguyen Duy Phuong, Director of Strategic Investment at DG Capital, said that in the past few sessions, it has shown that although the market has increased, many investors have not made a profit if they do not hold the right group of stocks while growth stocks are limited to a few groups of stocks.
After the recovery period, the market is entering a phase of differentiation and making money more difficult. Current market developments show that the market is in a sensitive period, prone to fluctuations when approaching the resistance zone of 1,320 - 1,340 points.
The market is also in the short-term distribution period, so investors need to be careful in new disbursement. The reasonable investment strategy at the present time is to be cautious, prioritize risk management and wait for a clear adjustment.
