TOPGLOV
It looks like that all the handglove manufacturers are trading at new high - a previously uncharted territory. This includes the best in the sector - TOPGLOV - the world largest handglove manufacturer.
TOPGLOV continues to scale new high. Where is the target? I have to look at the monthly chart as shown below to find out where.
TOPGLOV Monthly Chart 7th Jan 10
You will notice that at the end of 2008 TOPGLOV low was at around RM3.50. By projecting up from this swing low point by RM9.00, the swing target is probably around RM12.50.
Will it reach this target? Only time will tell.
Next, let's look at the daily chart. See daily chart below.
TOPGLOV Daily Chart 7th Jan 10
The technical sign on the daily chart is showing clearly that TOPGLOV is in a strong uptrend. You can see that the 10-day MA, 20-day MA and 50-day MA are in proper order and are rising in the daily chart. However, to protect profit, I am monitoring the Chandelier Exit on the daily chart, which currently reads at RM10.10.
Back on 4th Aug 09, I wrote about a potential swing trade for TOPGLOV.
Back then TOPGLOV was trading around RM7.00. I have taken partial profit but still have some to ride the upswing.
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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