Cyrogx6

THE LESS THE BETTER - Clearer Picture on Topglove Chart

Long
MYX:TOPGLOV   TOP GLOVE CORPORATION BHD
WEEKLY

We get many TA stating that its a double top . Yes its clear that its a double top on a Shorter time frame
When we look at a weekly timeframe which paints a stronger picture, we have already ended with the double top drop or it has yet to happen

DOUBLE TOPS
If we were to say its a double top , traders would have already exited at 7.4x
WHY ?
From the weekly timeframe , the double tops Pullback would hold much more weight if touches the lower wick of other candles
hence Double Tops are well formed.

if everyone looks at double tops, The double tops should be ending by this week or the next week where reversal candle has shown.

DOUBLE TOPS THAT YET TO BREAK FROM THE PULLBACK
Where many might be wondering, when will topglove break lower to Rm3. From the candles, for 3 weeks Topglove has been hovering at D1
D1 is a well respected demand zone .
Topglove has tested to break lower but we will need to see the next weekly/daily candle.

Worst case Scenario. The next stronger demand zone would be at D2.... no stock will drop forever, there will always be a technical rebound.

JPMORGAN also did not mentioned when 3.50 will come, for some obvious reason we all know that it will come when the ASP price starts to decrease. Not even JPMorgan could tell when will it come. JPMorgan is right but do you think it will drop straight to 3 tomorrow or next month ?

The view is up to yours, Check your time frames.. Higher timeframes has much clearer and better picture of where topglove is going.
Do your homework on TA and FA, The lesser the indicator & lines the better your view

May the trend be with you !


*NOTE**
not a buy sell call, please do your homework and chart and analysis is purely based on personal opinion and experience

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