TOPGLOV may break 9.765 if with expanding flat pattern. 18/9/21TOPGLOV price could break all time high at RM9.765 as there is a based on "just 3 of the possibilities" :
1) Price of KLCI could break all time toward around 2000. TOPGLOV As a main "contributor" of KLCI index could break all time high as well.
2) Current TopGlov Price Cycle Analysis showing it's start moving up till 1st quarter of next year
3) TOPGLOV current wave structure have high probability to form an ABC (Red Circled) "Expanding Flat Pattern" .. which happened most of the time in wave b (Green)
TOPGLOV
TOPGLOV - Follow up, further downside expectedFollowing up from my Nov 22, 2020 post, prices have trended significantly lower from then RM7.29 to close at RM3.72 today.
While prices seem to be temporary supported at the RM3.68 area, it is good to note that if this area gets broken on the downside, steep slide will be expected.
Good luck. Next area of support RM2.30.
TOPGLOV May Drop to 2.50. BUT 5.80 First. 14/9/21TOPGLOV Stock price may drop until around RM2.50 where there is a confluence zone of 1) Major Monthly Demand Zone 2) A Long Term Up Trend Line Support ( Cyan/Light Blue Dashed Line) ..BUT... Price most likely will complete wave A (Red Circled) at around RM3.20 AND start trending up for wave B (Red Circled) till around RM5.80 where is confluence zone of 1) Next Major Supply Zone 2) Fibonacci 38.2% downtrend pullback from history high
TOPGLOV most likely last leg down to around 3.40.. 30/8/21Congratulation for those still holding TOPGLOV stock!!... TOPGLOV as 1 of the 30 "Blue Chips" stocks comprising KLCI index which has turned into Bullish Sentiment. What could be the next move of TOPGLOV , HARTA AND KOSSAN ?...All 3's which making the "major contribution" to KLCI index.. Checking from TOPGOV's intraday price structure.. TOPGLOV most likely on its final leg down to complete its triple zig zag ( WXYXZ) (red circled) AND Wedge pattern where Bullish sentiment will be "on" at around RM3.400 at 1) Major Weekly Demand Zone 2)Weekly 233 EMA lines..
TOPGLOV can we can grab the "Auction Price" of Rm3.50 "easily"?!Whoever read "Fundamental News" knew That JP Morgan "Fair Price" for TopGlove is Rm 3.50.. Do we think that Mr. Market would help us making our bank account fatter easily by grabbing Rm3.50?! Probably Nope! It will "torture" us, testing the limits of our patience!!! Until we lost "our own belief"!
Malaysia Health Care Index.Correlation with Gloves Stock.20/6/21With geopolitical and economic issues, Should we "trace" Glove Stocks "Future Paths" with US Glove Stock ADR/OTC? or "Local" Health Care Index? which is Comprise ≈ A Quarter (28.5% ) ( 4 out of 14 Malaysia Health Care Index Stocks are Gloves Stocks)
TOPGLOV wedge pattern probably not done yet. 20/6/21TOPGLOV price might be forming a wedge pattern which is probably at its last phase of completion also developing as a triple zig zag wave pattern W,X,Y,X,Z( Red Circled ).. the Z wave probably will be reaching at around RM3.50 ( As what JP Morgan Predicted )..which is 1) the lower trend line of the wedge pattern and also 2) the weekly 200 EMA Support line 3)The Next Major Support/Demand Zone
TOPGlov price last swing low was forming a wedge and three driveTOPGLOVE last swing low forming a three drive and price have broken the upper line of wedge pattern as detail on the chart.. If Price didn't break new high by end of the year and ranging, there is a possibility to form a triangle pattern..
TOPGLOV - BULLISH IMPULSE SOONWith coronavirus outbreak in 2020, glove stocks have seen immense upside.
However, since August 2020 until now (April 2021) - it has been in a lengthy correction as if there's no hope left and uncertain whether or not glove stocks could still perform in the future.
Utilizing Elliott Wave Theory, it is likely that we are about to complete a Flat Correction (A-B-C) with Ending Diagonal.
Breaking above 5.520 will likely imply that the bottom is in, and we could easily see a conservative target of 10.00
This is purely from Technical Analysis perspective, disregarding its fundamentals.
TOPGLOV - Invert Scale for HODLers/TANKers Rubber glove stocks seem to be heading downhill currently, falling to the lowest points since the reverse of the strong upward trend in October.
Despite the slump in these glove stocks, I believe Top Glove offer some of the highest sustainable dividend yields in the world - the glove sector was an attractive sector for many years prior to the pandemic, and it will likely be even more attractive in the post-pandemic era.
I understand you think it is more to bear than bull at the moment. Trader you may cut loss.
For hodlers/tankers, we think it is very very undervalued and oversold. Investor stay strong and keep tanking. :)
At the end of the day, you THINK what you THINK.
Here's the chart for HODLers/TANKers, the rising wedge, PEACE!