RUBEREX Pullback Trade 21 May 2020: >60% Profit

RUBEREX is one of the hot "rubber gloves" stocks benefitting from the current Covid-19 pandemic.

On the technical side, RUBEREX broke above its 2010 high at 1.68 on May 04, 2020 to reach a new high at 2.52 on May 13, 2020. It then pulled back to test its previous broken 2010 high on May 19, 2020. The next day, it formed a bullish candle on relatively high volume. It appeared in my scan list of Bursa stocks trading in the value area between the 10 and 20 ema. 

RUBEREX Daily Chart

I entered the next day on May 21, 2020. It was moving up very rapidly but I was able to get it at an average price of 2.116.

RUBEREX did not move much the next two days but on May 28, 2020 it went limit up after breaking above its May 13, 2020 high. With weekend looming, I decided to take profit on approximately a third of my position the next day at 3.56.

I still have about two third of my position still opened to capitalise on further upside. RUBEREX is already trading at an all-time high but there is no indication to show that it will reverse direction any time soon.

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 any information presented in this blog.