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 will likely be even more attractive in the post-pandemic era.
I understand you think it is more to bear than bull at the moment. Trader you may cut loss. For hodlers/tankers, we think it is very very undervalued and oversold. Investor stay strong and keep tanking. :)
At the end of the day, you THINK what you THINK.
Here's the chart for HODLers/TANKers, the rising wedge, PEACE!
Shouldn't the RSI already indicate that here would be a good buy? However I'd rather sit out and wait for stronger market momentum before joining the next ride up again.
Inandouthunter
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@valeriewen90, Yeap, you are right because I am using Invert Scale for the share price. As for RSI, it is currently at the oversold level. I was just playing around with the inverted scale. :) I do really agree to sit out at this point in time. You will never know when you will catch a falling knife. However, higher risk, higher reward, am I right? ^_^ My intention of this chart is to give hope to people that holding Topglov for a while. HAHAHAA!
valeriewen90
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@Inandouthunter, oh haha ok I didn't realize it's on inverted scale until you mentioned! Personally I have terrible positions from before but I didn't average down along the way because there were no strong buy signals. Adding positions will just waste my capital (trading on small account) and cut loss is already too late so my next best option is to wait for a clear buy signal, average down there and climb all the way up.
When I hit breakeven I will size down from there hehe. So are you generally bullish for the gloves?
Inandouthunter
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@valeriewen90, Ohhh no, but yeah we need to pay some fees to BURSA before being disciplined and calm. And yet, this is not enough because I believe investing is a Long Term Journey. My previous average down at 5.4 before popping up to 7.2 ( my average price @6.5) due to bursa/wallstreetbets. I choose to not take profit there is nothing else I know it's worth for me to buy at the moment.
Still have plentyyy of CASH, some US stocks, and someeeeeeee CRYPTO^_^!
All in all, no way gloves are bullish now. Even if it goes up to RM6, NO WAY!! But do bullish/bearish matter because I do personally think it is very very undervalued. :)
I cannot control what everybody else is thinking, because investing/trading is all about YOU. CHEERS.
valeriewen90
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@Inandouthunter, aiya if it goes to RM10 again you'll for sure be bullish 😂 anyway average RM6.50 is not too bad - for trading there's still opportunity to unload (not staying at penthouse, so to speak) if you so choose.
But still you got plenty of cash sitting around, guess you have that luxury to keep holding. Kudos for the life achievement!