i know my view might get bash from supermax die hard fan.. however dont get me wrong, i myself got lots of profit from this counter , to be honest this is my favourite counter (since covid of course :) )
i will discuss purely on technical point of view
as i notice, the most important things in trading is technical, no matter how good the FA, technical will always be on top. FA just a catalyst, or support, especially for investor / long term trader
from the chart ( same like top glove, harta i thnk)
we can see formation of head and shoulder, the formation completed after price break the neck line at 8.59
as what written in the book, price can go lower as much as the increment
based on previous price increase, price can drop as low as 4.985
however price manage rebound at 5.735
in my opinion, i can say the price currently still in down trend despite recent rebound and 4 days of white candle. why?
1. 20MA already cross below 50MA
2.price yet to test the resistant ( pullback after testing at rm9)
however, we can still consider this whole down trend things is just a second stage consolidation ( meaning that, the counter as a whole is still in stage 2 - up trend) why? because price is still above 200MA. once price broken below 200MA, then the counter is in 4th stage.
so will u trade this counter?
if u are short term trader maybe u can consider
if u are swing trader, i thnk better avoid first, unless price BO the resistant line at around RM9 ( as for me, since im a swing trader, i will avoid, unless the price is at least above the 50 MA)
if u are investor , given the good FA, just find the good entry price for u to enter.
resistant rm 9.15 ( assuming currently chart trying to make double bottom formation despite only within 1 month period)
that ever it is, paln your trading plan, trade at your own risk
i will discuss purely on technical point of view
as i notice, the most important things in trading is technical, no matter how good the FA, technical will always be on top. FA just a catalyst, or support, especially for investor / long term trader
from the chart ( same like top glove, harta i thnk)
we can see formation of head and shoulder, the formation completed after price break the neck line at 8.59
as what written in the book, price can go lower as much as the increment
based on previous price increase, price can drop as low as 4.985
however price manage rebound at 5.735
in my opinion, i can say the price currently still in down trend despite recent rebound and 4 days of white candle. why?
1. 20MA already cross below 50MA
2.price yet to test the resistant ( pullback after testing at rm9)
however, we can still consider this whole down trend things is just a second stage consolidation ( meaning that, the counter as a whole is still in stage 2 - up trend) why? because price is still above 200MA. once price broken below 200MA, then the counter is in 4th stage.
so will u trade this counter?
if u are short term trader maybe u can consider
if u are swing trader, i thnk better avoid first, unless price BO the resistant line at around RM9 ( as for me, since im a swing trader, i will avoid, unless the price is at least above the 50 MA)
if u are investor , given the good FA, just find the good entry price for u to enter.
resistant rm 9.15 ( assuming currently chart trying to make double bottom formation despite only within 1 month period)
that ever it is, paln your trading plan, trade at your own risk