TOPGLOV was one of my favorite stocks in the past. It made a good run up from early 2009 until it reached its peak in July 2010. It has been on a corrective decline since.
The positive sentiment on rubber glove companies is not there yet but TOPGLOV seems to be close to reaching its possible support area.
Let's look at TOPGLOV monthly chart.
TOPGLOV Monthly chart
Monthly chart shows TOPGLOV is making a potential ABC correction with two potential support area to end the correction:
1. Support area 1 at RM4.40-4.60, which is the area around Fib 50% retracement of prior advance, Fib 61.8% price projection of potential wave A range and Fib 161.8% external retracement of potential wave B range.
2. Support area 2 between RM3.50 and RM3.90, which is the area around Fib 61.8% retracement of prior advance, Fib 100% price projection of potential wave A range and Fib 261.8% external retracement of potential wave B range.
Monthly stochastic is in the oversold zone supporting the case that TOPGLOV is near its support area.
Let's see how it unfolds.
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.
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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