Supermax may rebound and form a Double Top. The short stint drop down on 14 July was not supposed to be a surprised for Suoermax since it almost hit its highest targeted TP ie:around RM18 . List of Supermax official Target TP can be seen here
klse.i3investor.com/...ervlets/ptg/7106.jsp
Though one may pointed out it actually a regional fund manager doing profit taking as it also affecting other glove counters in Malaysia and outside regionally.
So moving fwd Supermax may rebound a bit more than the last high dragging up all other 2nd liners to form their new high. Probably above rm 18 to instill confidence on 2nd liners running up. It is crucial here to get announcement of a new higher target TP from Analyst without which the price will then drop down together for a major retracement much lower to touch the middle Bollinger band at MA20.
Consolidating while waiting for a new revised higher official target TP from analyst for the price to move upwards. This is due to the fact Institutions will need those kind of official announcement internally or externally in order to warrant them to invest in the targeted counter
It may not happen that way and Supermax may continue Breakout the previous high with some other good news coming in.
Nevertheless it is better safe than sorry.
Good luck and trade a your own risk.
klse.i3investor.com/...ervlets/ptg/7106.jsp
Though one may pointed out it actually a regional fund manager doing profit taking as it also affecting other glove counters in Malaysia and outside regionally.
So moving fwd Supermax may rebound a bit more than the last high dragging up all other 2nd liners to form their new high. Probably above rm 18 to instill confidence on 2nd liners running up. It is crucial here to get announcement of a new higher target TP from Analyst without which the price will then drop down together for a major retracement much lower to touch the middle Bollinger band at MA20.
Consolidating while waiting for a new revised higher official target TP from analyst for the price to move upwards. This is due to the fact Institutions will need those kind of official announcement internally or externally in order to warrant them to invest in the targeted counter
It may not happen that way and Supermax may continue Breakout the previous high with some other good news coming in.
Nevertheless it is better safe than sorry.
Good luck and trade a your own risk.