Observed Carepls have similar pattern to my previous trade at Rubberex (Up trend + VCP pattern).
Up trend confirmation:
1) Stock price above MA50 trend line.
2) MA50 trend line above MA200 trend line.
VCP
1) Observed 3 contraction where the contraction % getting lesser. (1st contraction ~64%, 2nd contraction ~12% and 3rd contraction ~8%)
2) VCP very much related to supply/demand.
3) Each contraction getting lower mean people more willing to hold their ticket rather to sell it. (Volume shown getting lower as well)
I enter Carepls on 22 April 2020 when the price break 0.350. I predict it will break the neckline on RM0.405.
And the movement of the price proof that my analysis is correct.
I still holding Carepls as the momentum still there.
Up trend confirmation:
1) Stock price above MA50 trend line.
2) MA50 trend line above MA200 trend line.
VCP
1) Observed 3 contraction where the contraction % getting lesser. (1st contraction ~64%, 2nd contraction ~12% and 3rd contraction ~8%)
2) VCP very much related to supply/demand.
3) Each contraction getting lower mean people more willing to hold their ticket rather to sell it. (Volume shown getting lower as well)
I enter Carepls on 22 April 2020 when the price break 0.350. I predict it will break the neckline on RM0.405.
And the movement of the price proof that my analysis is correct.
I still holding Carepls as the momentum still there.
1) MA30 Weekly chart trend line still pointing up.
2) Last week trade volume is the highest volume since it goes to IPO back in 2011.
If you still holding and you have cost advantage, support can put at 0.535.
If you plan to enter to follow the uptrend, support can put at 0.560.
Please be discipline to avoid trap in this counter. As we don't know how the company performance in coming QR. Market currently just assume will be good since is glove related counter.