With current Covid-19 yet to reach its end, we suspect Healthcare & its' related services will be a catalyst for the markup on COMFORT. Evidently seen during 2009 on H1N1 influenza, then quickly flushed down when the virus was subdued.
This time maybe different, but remain cautious due to any covid 19 recovery factors. We shall see.
Trade closed: target reached
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First Target achieved on Fibonacci 1.618 completing a likely Wave 3, possible continuation slightly in the coming days or start correcting for Wave 4.
Trade closed: target reached
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All target prices broke, before panic selling occurs.
Congratulations on the successful mission! I am still rallying in COMFORT as I missed the highest selling point last week.
Wyckoffian336
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@valeriewen90, thank you, based on the volume, and sentiments globally, we should be spearheading the demands still.
This is only a conservative TP, will post a slightly aggressive one.
valeriewen90
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@Wyckoffian336, indeed, that's why I hold as this is the counter that's been generating me the highest ROI so far. The one I don't really understand shooting up are the O&G counters today though. Very obvious the market is being manipulated. I'm staying out of it and holding tight to COMFORT.
Wyckoffian336
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@valeriewen90, oil has seen some output cuts during recent weeks, and the counters themselves are in waiting for Brent to break the 32 dollar mark.
So it did, and they reacted. As simple as that. From a Wyckoffian perspective, it could go down for a sideways movement again or range higher from the current resistance become support 35 dollar.
To marry with logic, Covid19 cases of some countries have been subsided, some demands pickup added with the oil output cuts, but could go down hitting the resistance line, should more wave of covid19 arrives and disrupts demands. Plus, with WTI crude contract expiry looming, going down again looks likely.
valeriewen90
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@Wyckoffian336, thanks for the analysis! :) I am very confused with the oil & gas industry, which is why I still continue to steer clear from the goreng mode.
So...
Control in production (reduction in supply) + Brent breaks $32 + Slight subside of the pandemic situation = Oil ought to go up
It's very likely that another wave would hit us in Malaysia if we continue not to practice social distancing especially during the festive season, and plus the WTI crude contract expiry... Yep, either FIFO or just stay away.