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"!
Topglove
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
Top Glove Support & Resistance Personally, what I learnt is there must be a Technical Analysis Strategic Plan in order to increase the risk-to-ratios favourable risks.
1. Draw Support & Resistance
2. Identify the stages (Accumulation, Advancing, Distribution, Declining)
3. Entry Triggers
4. Stop Loss
5. Exits
I have learnt during my past mistakes that we should let the stock price comes to us, rather than us chasing the stock prices!
Top Glove - Rising Wedge (Bearish)Top Glove is facing strong resistance at the 50% fibo level.
Rising narrowing wedge forming and nearing the tip. Volume is also decreasing. If break below trendline, expect a major selldown and breakdown to RM3.50 (23.6% fibonacci level). This is also JP Morgan's target price.
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!
KLSE - Battle of the GlovesWe charted the percentage gain since 1st January 2020 till today for 1st tier glove and 2nd tier glove stocks. We use % scale so we could see how much % it has gained. We also include the healthcare sector RSI 14 to show the sector momentum. We also added few key dates
18/3/2020 MCO1.0 started
1/7/2020 Malaysia covid down to 1 case
9/11/2020 Pfizer claims their vaccine is 90% effective.
Since 1-Jan-2020 till its highest price, the highest % gained is HLT-WA with 3077%. Below the list sorted from the most gained.
HLTWA 3077%
CAREPLS 3065%
HLT 1663%
SUPERMX 1641%
RUBEREX 1447%
COMFORT 771%
ADVENTA 695%
TOPGLOVE 527%
HARTA 269%
KOSSAN 114%
We also checked the Last price on each stock, and check how much is the gap to reach the highest peak again. Here's the list from highest gap
SUPERMX 72.30% to ATH
TOPGLOVE 37.27% to ATH
KOSSAN 117% to ATH
HARTA 56.59% to ATH
ADVENTA 239% to ATH
CAREPLS 121% to ATH
COMFORT 124% to ATH
RUBEREX 70% to ATH
HLT 176% to ATH
HLT-WA 107% to ATH
We also looked up the fair value in Simply Wall St , here’s the list from top most discounted price
CAREPLS - undervalued by 90.7% (FV 26.56), traded at PE x16.4
HLT - undervalued by 89.7% (FV 11.84), traded at PE x97.6
COMFORT - undervalued by 88% (FV 26.07), traded at PE x11.46
RUBEREX- undervalued by 62.1% (FV 4.59), traded at PE x19.14
KOSSAN - undervalued by 61.4% (FV 11.52), traded at PE x18.79
SUPERMX - undervalued by 61.1% (FV 17.47), traded at PE x7.98
HARTA - undervalued by 27% (FV 17.61), traded at PE x23.42
TOPGLOVE - undervalued by 21.2% (FV 8.56), traded at PE x13.37
Hope you will find it useful. Thanks.