VinFast Stock (NASDAQ: VFS) fell 15%; Will the downfall Continue?
In the last trading session, Vinfast stock got a huge drop of -15%. Share price opens at $32.52 and takes a high of $34.34. From there, the share price tumbled and closed at $29.50 with an intraday low of $26.26. The total change in the share price is -15.02% with a volume of 7.393 Million.
When we took a look at VFS this year’s performance it was just amazing and humungous. VinFast stock gave 194.65% of returns year to date and 190.31% of returns in the previous 6 months. Additionally in the previous 3 months stock gave a return of 185.80% and in the last month, it gave a total of 175.65% returns which was just eye-catching. However, last week stock ate up -45.57% of returns and turned bearish.
Vinfast Auto Ltd. is an automotive manufacturer that produces automobiles and e-scooters. The company operates in Vietnam and the United States. The company operates as a subsidiary company of Vingroup Joint Stock. The current market cap of the company is $139.217. VFS currently doesn’t pay any dividends to its investors.
Vinfast joined the Nasdaq Stock Market on August 15, 2023, by merging with a company called Gores Guggenheim Inc. which helps other companies go public. Vinfast makes electric cars and wants to be a world leader in this market. Vinfast’s stock price has gone up a lot since it started trading, reaching a value of more than $190 billion as of August 25, 2023. But the stock price also dropped a lot on August 30, 2023, ending at $46.25 per share.
Technical Analysis of VinFast Stock
Source: TradingView
VinFast stock price is currently trading below the 20 EMA and above the 50, 100, and 200 EMA indicating an indecisive trend.
The MACD indicator gives a bearish view. Presently MACD trading is trading in a bullish territory but gave a bearish crossover. MACD line trading at 8.20 below the signal line and signal trading at 8.55. MACD is heading downward and giving a bearish outlook.
RSI is trading at neutrality below the 14 SMA line at 49.60. However, RSI is also heading downward and giving bearish views.
Technical Levels
Support: S1 = 23.50.
Resistance : R1 = 45.61 and R2 = 82.10
Conclusion
Vinfast is a car maker from Vietnam that makes electric cars and wants to be a world leader in this market. VinFast stock price is risky and unpredictable as it was listed recently and lacks price data available on the chart, so you need to do a lot of research and analysis before you invest in it. The stock price might go up a lot in the future, but it might also go down a lot in the present. You should know the pros and cons of investing in Vinfast’s stock and spread your money across different investments.
Disclaimer
The research delivered in this article is for informative and educational purposes only. Do not depend on this information as financial, investment, or trading recommendations. Investing and trading involve risk. Please consider your circumstances and risk forbearance before making any investment conclusions.
