Resistance Alert for Gloves 🖐

Glove stocks has been recently aggressive with continuous buying momentum from the beginning of the month. However, we note that the price for this sector has reached significant resistance level and we also note that overbought condition seen on daily Stochastic. Price movement still remain below 200-days SMA. New long position need to be cautious for further price reaction at this level. Should the buying momentum persist with continuation evidence, the sector could introduce a change in trend to bullish. Otherwise, the section may remain bearish.

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Comment:

We note the major resistance for these shares have been breached. Hence, more movement to the upside could continue to unfold.

Support level:
TOPGLOV: 5.07
RUBBEREX: 1.14
CAREPLS: 1.58
COMFORT: 2.14