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TOP GLOVE CORPORATION BHD
Short

TOPGLOV: Potential breakdown from Rising Wedge

By fightingdragons
Updated
Potential false breakout to 5.87 before breaking down from rising wedge
Trade active
As expected, Top Glove tried to break out of rising wedge but failed and fell back into the wedge. Breakdown from wedge is resulting in a steep fall in share price similar to that experienced in February 2021. Expect share price to drop to around 3.50 support before rebounding.
Note
Targeting bottom before 9 June 2021.
Note
Sell down did not happen before QR release. Potential sell down with QR release on 9 June whereby news of potential ASP peak / decline may emerge.
Trade closed: target reached
Chart PatternsgloveglovestopgloveTrend Analysis
fightingdragons

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