Has Top Glove bottomed? RM10 incoming? RM13 incoming?
Awhile ago, we have started to see a M shape starting to form on Top Glove. In textbook, we call it the double top meaning price will reverse back to original level soon.
This link will help you to study about double top, finvids.com/Chart-Pattern/Double-Top/.
But we have no confirmation yet until today 5pm we saw TG closed below RM6.11 key support level also called as the neckline. This therefore now serves as the first confirmation sign TG price will likely soon go lower than RM6. Second confirmation is to see TG breaking RM6 before we can confirm it will be heading to RM5.
2 more things to support this analysis:
- All key moving averages have been broken. Look at all the colourful lines, TG is trading below all the main colorful lines now.
- There has been a formation of 3 black crows on pass 3 days trading pattern. (Lower lows and lower highs were formed, this indicates further drops in days and weeks ahead.)
To study about 3 black crows, please visit the link below:
traderlaunch.com/candlestick-patterns/three-black-crows
With all of these, I think the hope of seeing RM10 and RM 13 per TG will still be far away. The likelihood of incoming RM 4.50 to RM 5.50 per TG has higher chance now.
Trade carefully everyone, cutting loss is also a profit taking strategy if you are not comfortable to see this falling knife upon your hard earned savings! More updates ahead soon!
Wishing you all a happy new year 2021!
This link will help you to study about double top, finvids.com/Chart-Pattern/Double-Top/.
But we have no confirmation yet until today 5pm we saw TG closed below RM6.11 key support level also called as the neckline. This therefore now serves as the first confirmation sign TG price will likely soon go lower than RM6. Second confirmation is to see TG breaking RM6 before we can confirm it will be heading to RM5.
2 more things to support this analysis:
- All key moving averages have been broken. Look at all the colourful lines, TG is trading below all the main colorful lines now.
- There has been a formation of 3 black crows on pass 3 days trading pattern. (Lower lows and lower highs were formed, this indicates further drops in days and weeks ahead.)
To study about 3 black crows, please visit the link below:
traderlaunch.com/candlestick-patterns/three-black-crows
With all of these, I think the hope of seeing RM10 and RM 13 per TG will still be far away. The likelihood of incoming RM 4.50 to RM 5.50 per TG has higher chance now.
Trade carefully everyone, cutting loss is also a profit taking strategy if you are not comfortable to see this falling knife upon your hard earned savings! More updates ahead soon!
Wishing you all a happy new year 2021!
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