KLSE Technical Analysis
Nov 17th : Market Report on Vivocom. Close $1.80 volume 71.67m.
Vivocom - Heavy profits taking prevailed almost the entire day will all selling well absorbed at $1.70/$1.74 levels & swiftly rebounded to $1.80/$1.87 levels, showing a rare resilience to close resolutely at $1.80.
Here are my technical analysis:-
1. Elliot Wave analysis (pic 1)
a. Wave 2 was shaped out during the afternoon trading session as we saw clearly wave abc formation emerged at market closing.
b. Very high chances wave 2 retracement (Abc) has ended and stop above $1.78 (61.8% of wave 1).
c. To confirm wave 2 (Abc) correction has ended, price would need to trade above $1.88, upon which this will propel Vivocom into an upswing bias whereby wave 3 will likely be triggered.
d. I am anticipating wave 3 impulse to conclusively take command once the price breaks $1.90, which is only a matter of when and not if.
e. 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 taking precedence in full force.
2. Commonality Analysis (picture 2)
a. My observations of the past 3 corrections showed a most assuring commonality - After each profit taking, I can see red candles coming out to show Vivocom’s Share Price trading side-ways and Volume Rate of change showing very healthy buy signals each time without fail confirming that bull rally will resume again with its uptrend still constructive and in tact.
b. I remain highly optimistic and eagerly look forward to Vivocom’s powerful bull rally resuming it sharp uptrend in next 1-3 trading sessions. My personal target price for Wave 3/5/3 remains $2.32/2.45/$2.70 and I look forward to these target prices being attained soon with conviction & strength.
Vivocom without a doubt an Emerging Super Bull!!!
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More articles on KLSE Technical Analysis
Nov 20th : Market Report on Vivocom. Close $1.74 with volume 68.24m.
Created by mwong3 | Nov 21, 2020
Nov 18th : Market Report on Vivocom. Close $1.86 with volume 33.4m.
Created by mwong3 | Nov 18, 2020
Nov 18th :Morning Session Vivocom cosed $1.83 with volume of 23.1M.
Created by mwong3 | Nov 18, 2020
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