Riding on the healthcare demand theme, topglov's share price has risen significantly in the past few months. While many are doubting the sustainability of the valuation and the continuous rally, investors/operator interest in glove counters seemed to be unfazed, with new highs charted almost every week. Chart and indicator wise, it seems like topglove is consolidating and inching upwards with an oversold RSI in the 1 hour chart. Based on the indicator, it seems like its a good entry now.
i am still optimistic about this counter and believe it may chart higher highs in the future because
1) Health care product demand continue to surge
2) Most 2nd and 3rd tier healthcare counters across the world just had a rally
3) Results are expected to be spectacular due to its sheer production capacity and product mix compared to others
4) Share Split proposal
Hartalega QR will be out this week. If history will repeat itself, we will likely to see a sharp correction in the glove sector after the publication of Harta's quarterly report, just like the last one. This is only my observation, lets revisit next week and see if it happens.
EP: RM24-RM25
TP: RM30-RM31
CL: RM22-RM23
i am still optimistic about this counter and believe it may chart higher highs in the future because
1) Health care product demand continue to surge
2) Most 2nd and 3rd tier healthcare counters across the world just had a rally
3) Results are expected to be spectacular due to its sheer production capacity and product mix compared to others
4) Share Split proposal
Hartalega QR will be out this week. If history will repeat itself, we will likely to see a sharp correction in the glove sector after the publication of Harta's quarterly report, just like the last one. This is only my observation, lets revisit next week and see if it happens.
EP: RM24-RM25
TP: RM30-RM31
CL: RM22-RM23
Comment:
Chartwise, not much to worry about, it is still trending up healthily. It worth taking note that many glove players QR will be announced this month. If those performance dont meet the expectations, correction may ensue for the whole glove sector.
Comment:
Great momentum going up, breaking out the uptrend resistance line. As long as it doesnt break below yesterday's candle low, it should be good.