TOPGLOV wave (A)(Cyan/light blue) maybe completed. Wave (B)(Cyan/light Blue) min upward price amount should be = wave 2 (yellow) = Rm0.490 = Target @ RM4.80. S.L @ RM4.310
TOPGLOV might have a pull back toward around RM5.10 where there is a confluence "zone" of 1) Down Trend Line 2)200 EMA line of 4 hours 2) Next Supply Zone.. Before... Resuming its downtrend toward around Rm3.50
With geopolitical and economic issues, Should we "trace" Glove Stocks "Future Paths" with US Glove Stock ADR/OTC? or "Local" Health Care Index? which is Comprise ≈ A Quarter (28.5% ) ( 4 out of 14 Malaysia Health Care Index Stocks are Gloves Stocks)
TOPGLOV price might be forming a wedge pattern which is probably at its last phase of completion also developing as a triple zig zag wave pattern W,X,Y,X,Z( Red Circled ).. the Z wave probably will be reaching at around RM3.50 ( As what JP Morgan Predicted )..which is 1) the lower trend line of the wedge pattern and also 2) the weekly 200 EMA Support line 3)The...
If RM 4.45 support broken. The Next Major Support/ demand Zone could be around RM3.50 which is also the weekly 200EMA line..
Currently Malaysia Health Care Index Comprised most from Vaccines Stocks and Glove Stocks.. "The equilibrium" Forces might form a triangle pattern from its Volume-weighted average price...
TOPGlove price have reached its right shoulder at around RM4.75 , and testing Quasimodo level + demand zone
Top Glove butterfly pattern. #topglov Bursa Malaysia stock #bursamalaysia
Potential false breakout to 5.87 before breaking down from rising wedge
Personally, what I learnt is there must be a Technical Analysis Strategic Plan in order to increase the risk-to-ratios favourable risks. 1. Draw Support & Resistance 2. Identify the stages (Accumulation, Advancing, Distribution, Declining) 3. Entry Triggers 4. Stop Loss 5. Exits I have learnt during my past mistakes that we should let the stock price comes to...
Top Glove is facing strong resistance at the 50% fibo level. Rising narrowing wedge forming and nearing the tip. Volume is also decreasing. If break below trendline, expect a major selldown and breakdown to RM3.50 (23.6% fibonacci level). This is also JP Morgan's target price.
TOP GLOVE 1D Gartley Pattern #Buy-TP1-6.735-TP2-7.895 -------SL-3.525
TOPGLOVE last swing low forming a three drive and price have broken the upper line of wedge pattern as detail on the chart.. If Price didn't break new high by end of the year and ranging, there is a possibility to form a triangle pattern..
Detail @ The Chart
With coronavirus outbreak in 2020, glove stocks have seen immense upside. However, since August 2020 until now (April 2021) - it has been in a lengthy correction as if there's no hope left and uncertain whether or not glove stocks could still perform in the future. Utilizing Elliott Wave Theory, it is likely that we are about to complete a Flat Correction...
Possible bottom catch area. Cut lost if break short term low again.
Rubber glove stocks seem to be heading downhill currently, falling to the lowest points since the reverse of the strong upward trend in October. Despite the slump in these glove stocks, I believe Top Glove offer some of the highest sustainable dividend yields in the world - the glove sector was an attractive sector for many years prior to the pandemic, and it...
Many people recommending to buy glove counters but the chart seems weak. Not very sure if the price are being affected by commodity prices. May retrace further to 1.60 - 1.71 range. For your discussion