Bias: Bullish .
Topglove had broken out short term down trend line, presented a tweezer bottom, bullish engulfing formation and continued its momentum. This shows a trend reversal signal.
Momentum Chips (red chips) show a positive signal.
Resistance: 8.80, 9.00
Support: 8.40, 8.00
Do remember the quarterly report will be announced on 17 September 2020.
If you...
Ever since TOPGLOV recorded new high at RM29.30, gloves counter has experienced a big selloff which rebounded back and created a lower high.
Thus, I believe it has created a wave correction and heading to RM20 before flying to another ALL TIME HIGH. :)
As you all can see, AmInvestment Bank has downgraded gloves sector. The negative article in Bloomberg which...
#TOPGLOV
Rst: 26.75
Spp: 25.4
Evening doji formation with the plunging of RSI and MACD will induce further pressure for the stock. Forming H&S is inevitable.
TD sequential 9 13 9 registered yesterday.
Profit taking into consolidation at 24 area.
Bullish momentum continues if 24/23 area supports.
Bearish only if closing under 21 MA line.
Higher prices expected due to several reasons (short selling banned, moratorium extended, OPR rate expected to be reduced, heavy momentum, etc).
TOPGLOV
Rst: 25.48
Spp: 22.32
Facing strong rejection at Fibo Ext 261.8%, careful there's gap created on today's move, which can be filled up anytime, RSI bearish divergence yet to neutralise.
against a very strong bullish sentiment amid the ongoing pandemic which has no signs of stopping yet, does this double top formation on the daily timeframe will hold itself? Overbought RSI showing lower high compare to the first top in the price action chart.
Take a look at the almost identical chart pattern for MYX:COMFORT , MYX:CAREPLS , MYX:SUPERMX & MYX:TOPGLOV .
If we have to choose only 1 from among this 4, which one should be better option?
I will choose MYX:COMFORT due to headroom between lowest low in downtrend and highest high prior to selloff last week.
COMFORT : 48% to go.
CAREPLS: 34% to...
TOPGLOV 1 Hour Chart:
7/12/2020
Support : 19.30 , 20.96
Resistance :
Similar average volume with mid-end June but slightly higher.
Momentum mostly maintained on positive side since 29-Jun.
Currently it is above support uptrend line (white dotted line)
At least hold on 20.96 or 19.30(more conservative) to maintain the current uptrend
Based on the uptrend range...
TOPGLOV
Trend: Retracement
Rst: 6.34
Spp: 6.00
New candle fell from upper BB and RSI bearish divergence starts to impact the stock now. If you want to keep you can make sure the stock can survive at psychological support 6.00, but you have to assume the risk of giving back all your return if the stock breaks back below 6.00
TOPGLOV
Trend: Bullish
Rst: 6.34
Spp: 6.00
Bullish hammer formed above upper BB with BB now widening, MACD bullish crossover effect will continue to cast upside for the stock.
