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TOPGLOV - Pullback Trade?

TOPGLOV Weekly Chart on 04 Aug 09

TOPGLOV Daily Chart on 04 Aug 09

TOPGLOV is currently the world’s largest rubber glove maker. It is highly rated by most Investment Research Houses because of its good fundamental and is recommended as a BUY.

On the technical side the outlook for TOPGLOV looks very attractive. Weekly chart shows a potential continuation candlestick "Three rising method" pattern is developing, which would be confirmed if the overhead resistance at RM7.50 is penetrated.
On the daily chart, the last 5 trading days high at RM7.15 was taken out on 3 Aug 09 giving a pullback buy signal. This is supported by the MACD line which also turned up. On 3 Aug 09 TOPGLOV closed at RM7.20 after making a high at RM7.30.

The trading plan was to buy TOPGLOV as low as possible on the next trading day on 4 Aug 09. TOPGLOV opened at RM7.20 on 4 Aug 09, moved up to RM7.22 then jumped to RM7.28 , hit its day high at RM7.32 before retracing to RM7.26 and closed for the day at RM7.29. Entry was made late in the day at RM7.27. Stop-loss was set at RM6.85 and swing target at RM8.10 and Fibonacci 138.2% and 161.8% extension target at RM8.56 and RM8.86 respectively.

Disclaimer:Trading and investment involves risk, including possible loss of principal and other losses. I shall not be responsible for any losses or loss profit resulting from trading or investment decision based on my posting and information presented in this blog.
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Comments

  1. AnonymousAugust 10, 2009 at 3:13 PM

    Wow great information......... I like your blog... keep going ahead..........

    ___________________
    Smarry
    Email Marketing Solutions

    ReplyDelete
  2. SwingTrader188September 18, 2009 at 11:59 PM

    TOPGLOVE has not been smooth sailing. It has been consolidating between RM7.32 and RM6.90 since I bought it at RM7.32 on Aug 4, 2009.

    ReplyDelete
  3. SwingTrader188November 12, 2009 at 10:55 AM

    I have added to my position at RM8.22 on 22nd Oct 09 after TOPGLOV has dipped to its 10-day SMA line. There was also an inverted hammer pattern near the 10-day SMA line.

    ReplyDelete
  4. SwingTrader188November 12, 2009 at 10:56 AM

    TOPGLOV currently testing its resistance at 8.50. If broken, potentially could move up to 9.80 based on flag pattern projected target.

    ReplyDelete
  5. SwingTrader188November 21, 2009 at 4:41 PM

    TOPGLOV finally broke above its resistance at 8.50 on 18th Nov 09. It is currently pausing after 2 days of strong upmove.

    ReplyDelete
  6. SwingTrader188November 25, 2009 at 8:44 PM

    TOPGLOV pausing again. I think it is going to test its all-time high at RM10.00 soon.

    ReplyDelete

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