fightingdragons

fightingdragons Updated 

Series of rising wedges = result is the same - continue downtrend. This rally will be a short one.

fightingdragons Updated 

Repeating pattern - Rising wedge (bearish) - Breakdown from wedge = sharp fall - Technical rebound (yellow box) - Sharp fall continues/intensifies

fightingdragons

Stale bulls above 50-52k Losing momentum with negative divergence across many indicators RSI, MACD, MFI, CMF, Stoch, etc Repeat of past cycles' pattern. Sharp rally towards ATH after major drop, only to fall just short and then a bigger fall follows. May break 52k to break a bull trap before falling Wait patiently at below 20k

fightingdragons

If banks pullback next week and gradually fall within that falling wedge pattern - bullish signal that accumulation phase is finally over and markup phase begins. Using gloves selldown to bring down KLCI and affect retail sentiment provides perfect opportunity for smart money to accumulate.

fightingdragons

Banks at resistance. Breakout by CIMB has failed (day not closed yet). Likely announcement of MCO Phase 1 extension may be caused selldown in bank and other recovery stocks and create a bear trap similar to Nov 2020.

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Since bank shares rallied in Nov and Dec 2020, PBBANK has been trading sideways for the past 6 months. Despite constant selling by EPF, the share price has sustained above RM4 Bollinger band and volatility has narrowed significantly over the past 6 months, especially in the past 4 weeks. 1st band: 14% 2nd band: 11% 3rd band: 9% 4th band: 3% 5th band: 2.5% 6th...

fightingdragons Updated 

VCP pattern with reduced volatility over the past 8 months. Possible breakout to the upside as trading price narrows towards the pennant tip

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Impending Entry to KLCI provides retail demand for institutional selling

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Quarterly results announcement in 2nd half of May. Potential partnership with Disney+ for local content development as possible catalyst for breakout www.theedgemarkets.com 0.60 provides a strong long term support.

fightingdragons

Following a 2 month decline in bank stocks, FINANCE index almost touched oversold on the RSI yesterday but bounced back and broke out of its downtrend line today. Expect banks to drive KLCI rebound after Hari Raya break and offset projected decline in glove stocks.

fightingdragons Updated 

Potential false breakout to 5.87 before breaking down from rising wedge

fightingdragons

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.

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May be a bullish set up to April 2021 if the index moves up over the next few days to close the neckline around 1640