KLSE Stocks Review

TOPGLOV ( 7113) The Story behind the Chart of TOP GLOVE CORP BHD

ChartStory72
Publish date: Fri, 05 Nov 2021, 12:13 PM
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Topglov 7113 
Market Review
 
It had been sometime since I share my view on this. In the previous analysis, I had mentioned that this stock is in a full downtrend. Now, let us have a look on the changes since the last sharing. 
 
Prices did not manage to challenge the Fibonacci critical resistance for the fourth time. Instead, the momentum of the small rebound from September fail to sustain and face rejection at the pitchfork level 0.5. Since then, the prices continue to trend lower and approaching the possible support area (PSA). 
 
Yesterday, prices had touched the golden ratio support level. However, there is still no rebounding signal. Instead, the volume is almost the same as the rejection at the pitchfork level 0.5. Therefore, it may continue to trend lower and enter the PSA in the near term. Yet, the overall trend of the volume is still decreasing, which means there is still a hope for the stock. 
 
Let’s observe.
 
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In this fast-moving digital world, we get information in a few clicks. 
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Discussions
Be the first to like this. Showing 3 of 3 comments

lionel messi

chartist are like fortune tellers and economists. The person who will tell you tomorrow why the things he predicted yesterday did not happen today.

2021-11-06 17:00

Peterkhoo

Charts are good indicators and behaviour of price movements based on various patterns. You need to understand the technical analysis backed with the fundamental analysis and risk management. It may not always be right but it sure helps on swing trades and long term investment. Past patterns have a way of prediction the future if you know how to analyse the charts correctly. It is a fundamental tool to investment.

2021-11-07 21:37

sherlockman

well said peter!

2021-11-07 22:14

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