Increasing downside pressure for MYX:SUPERMX with last line of defense around the RM3-RM3.05 area. Breaking this level could bring a sharp decline for this name. Good luck.
Following up from my Nov 22, 2020 post, prices have trended significantly lower from then RM7.29 to close at RM3.72 today. While prices seem to be temporary supported at the RM3.68 area, it is good to note that if this area gets broken on the downside, steep slide will be expected. Good luck. Next area of support RM2.30.
Trend line broken and become uptrend for now. Higher high & higher low formation at the moment.
With coronavirus outbreak in 2020, glove stocks have seen immense upside. However, since August 2020 until now (April 2021) - it has been in a lengthy correction as if there's no hope left and uncertain whether or not glove stocks could still perform in the future. Utilizing Elliott Wave Theory, it is likely that we are about to complete a Flat Correction...
Study...based upon Volume Price Spread Analysis and Momentum SUPERMX has shown breakout in Momentum in 1 Hour Timeframe Close: 4.35 EP: 4.26 - 4.43 SL: 4.06/3.82 TP: 5.17/5.55/5.93 Disclaimer: This study does not constitutes Buy/Sell per say. Please consult your financial advisor before making any trading/investing decision
SUPERMX Theme: Glove Rst: 4.50/ 5.40 Spp: 4.00 Likely to expect further technical rebound if the stock manages to sustain at 4.50 area as RSI is recovering now, but friendly reminder again, trend is highly bearish now, strong trend reversal will not happen now. Any further rebound, will only last until 5.40 area.
Entry Strategy: 1) Entry inside the purple line range - Highly potential reversal trend zone. 2) CL1 and CL2 below the purple line. Chart: 1) 2020 - Glittering news for glove stock due to unprecedented demand. During this time people risk in on forecast profit growth anticipated. 2) As per expected, whatever boom up need to boom down also - nature of life...
We charted the percentage gain since 1st January 2020 till today for 1st tier glove and 2nd tier glove stocks. We use % scale so we could see how much % it has gained. We also include the healthcare sector RSI 14 to show the sector momentum. We also added few key dates 18/3/2020 MCO1.0 started 1/7/2020 Malaysia covid down to 1 case 9/11/2020 Pfizer claims...
SUPERMX Rst: MA50 Spp: 6.85 Second candle affirmed its foothold above Fibo Extension 61.8%, meaning the technical rebound still consist of strength to continue, shall see a break above the descending trendline (refer to chart) before it starts to soften.
Bearish sentiment still subsists. The price testing the support.
SUPERMX Rst: MA50 Spp: 8.30 Violation of MA50, at the same time built lower high formation, the softening of indicators will continue to cast pressure towards Fibo Ext 100% at 8.30
SUPERMX Rst: 10/ 10.65 Spp: MA50 Morning doji formation means upside will continue to charge tomorrow, important hurdle to break the recent C&H breakout neckline (refer to chart).
SUPERMX is literally sitting on the resistance. We need a solid break above to try for the next resistance.
Monday it reached 15.90. It was getting closer to lower BB but then buyers push the price back to 17 and finally closed at 16.70. The stoch at oversold level and deviation of fast slow line getting smaller. Might indicate potential rebound, but confirmation will come from Tuesday's candle.