KUALA LUMPUR (Jan 21): Top Glove Corp Bhd said its annual rubber glove production capacity had reached 91 billion pieces as at January 2021 as demand for gloves continued to be strong despite the availability of vaccines to curb the Covid-19 pandemic.
Looking ahead, Top Glove said the targeted annual production capacity of 110 billion pieces of gloves by December...
My view on RUBBEREX are:
1) Weekly Stoch is on a bullish reversal
2) Price is currently testing on a support level
3) My presumption that the price will go to the next major support at 2.030. But I will look to take out my profit at 6% from my entry price (1.670)
4) Average EPS
5) Financial report looks impressive
Updated View On Top Glove (10 Jan 2021)
Did you read our previous analysis of 17 Aug 2020, on the Top Glove? (I will put the link of the prev post below)
It went down to $6.5 as expected.
Something BIG happened in 04 Jan 2021.
It could be the potential trend changer and the pullback of Oct 2020-Jan 2021 may be over.
For the starter, $6.8 will be...
Awhile ago, we have started to see a M shape starting to form on Top Glove. In textbook, we call it the double top meaning price will reverse back to original level soon.
This link will help you to study about double top, www.finvids.com
But we have no confirmation yet until today 5pm we saw TG closed below RM6.11 key support...
Topglov results beat all sell-side consensus. As shown, TopGlov issue is never about fundamentals and earnings. Their problem has been the PR/Corporate image impact due to Covid-19 and the labor issue.
After declaring a quarterly dividend, at the current price, the yield is around 2.3%, what's next!? Perhaps, Christmas rally or CNY Ang Pao? HAHAHAA :)
Not a buy...
I believe JP Morgan's call for RM3.50 is a valid call. Fundamentally, the company is making money but this is a seasonal business. Top Glove won't be able to sustain such a business volume forever. With vaccines coming out, the business volume of Top Glove will certainly be in downward trend. If a business comes because of covid-19, it will leave when covid-19...
Personally, what I learnt is there must be a Technical Analysis Strategic Plan in order to increase the risk-to-ratios favourable risks.
1. Draw Support & Resistance
2. Identify the stages (Accumulation, Advancing, Distribution, Declining)
3. Entry Triggers
4. Stop Loss
I have learnt during my past mistakes that we should let the...
I think the right question to ask right now is has Top Gloves rebounded? From chart perspective wise, I believe Top Glove has huge momentum upcoming week, it is going to break above MYR 7.00
We could see further downside pressure if big RSS continues therefore cut loss is important, however i do believed RSS will hugely reduced, and Uptrend...
TG has two short-term paths now, either path 1 or path 2.
To enter path 1, TG must close above RM 5.70 quickly then yes likely will go back into the green channel. But this channel isn't any good news for everyone yet as it is still a downward channel and likely huge selling wall will be around RM6. Meaning further downside pressure in weeks ahead is still...
I think the right question to ask right now is has Top Gloves bottomed? From chart perspective wise, I believe Top Glove has hit major Support Area 6.11 - 6.40. I would like to treat Support/Resistance as an Area rather than a Line.
We could see further downside pressure if it breaks therefore cut loss is important. I used Low of the Strong...
I will be looking forward to going Long at the red highlighted zone. Yes although the factories now are temporarily closed, it is expected that they will start with their operation in the next 2 to 3 weeks after the Quarantine period.
My criteria to go Long when it reached the Zone:
1) Dtosch/Stoch Crossing up
2) Low bearish volume with small CandleS / High...