KLSE Technical Analysis

Nov 17th : Vivocom Morning Session closed $1.81 volume 59.7M

mwong3
Publish date: Tue, 17 Nov 2020, 01:09 PM
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During the morning session, Vivocom’s shares were unsurprisingly dominated by heavy and healthy profits taking activities after the ferocious Limit Up Rally yesterday.
 
Here are my observations for the morning:-
 
1- Profit taking occurred since the market opened with weak holders/traders bailing out, ushering in a mild consolidation/ correction phase, with wave 4 emergence after reaching the 23.8% retracement target, upon which wave 3 prevailing at $1.70. At this level, all selling were well absorbed. An avalanche of buyers would rushed in if these 1.70-1.74 levels were to be retested.
 
2- Strong rebound prevailed from 9:25am onwards, high lighting that bullish traders and investors had seized on the pull-back opp to buy in aggressively at Wave 4 zone($170-$1.74).
 
3- Vivocom’s Price was sharply n swiftly ramped up and crossed $1.86, with robust and hefty PVA confirming that the profits taking correction had ended and wave 4 consequently surfaced.
 
4- New bullish wave 1 was formed at price $1.90 once wave 2 correction ended at $1.80 level (Picture1).
 
 
5- I am anticipating wave 3 impulse to emerge conclusively once the price break $1.90. 
 
6- Following which if the price crosses $1.95 with strength and conviction, this would serve to confirm that wave 5 had been triggered, whereby the target price for Wave 3/5/3 would be the bullish $2.32/2.45/$2.70 levels.
 
7- If I may be so bold, I would venture to predict that the wave 5 will in all likelihood form an extended wave 5, (picture 2) with an exciting uptrend and target price levels being ushered in at $2.45/$2.52/$2.70 level
In short, in the face of heavy profits taking activities this morning, Vivocom has shown amazing & awesome strength & resilience not seen in a stock in KLSE before. It’s unparalleled and unprecedented. I therefore project with confidence that this Rally still has tremendous upside to run up to RM3.00 and beyond in the foreseeable days & weeks ahead.
VINVEST (0069)
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