Bursa Malaysia Stock Watch
Rubber glove stocks- time to take profit again
kltrader
Publish date: Thu, 14 Jan 2010, 09:23 PM
kltrader
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We have seen a strong rally for all stocks related to the rubber glove sector in the last 3 weeks. This was prompted by the terrific results of Topglove for QE30/11/2009 (go here). How much longer can the rally go? Nobody knows, but judging from signs such as the participation in the rally by smallish glove producers (such as, IRC & Rubberex) and also the appearance of the inverted hammer in the chart of Kossan & possibly Supermx, the top may be very near. I believe it is time to take some profit in this sector.
Chart 1: Kossan's daily chart as at Jan 14, 2010_4.20pm (Source: Quickcharts)
Chart 2: Supermx's daily chart as at Jan 14, 2010_4.20pm (Source: Quickcharts)
Chart 3: Topglove's daily chart as at Jan 14, 2010_4.20pm (Source: Quickcharts)
Chart 1: Kossan's daily chart as at Jan 14, 2010_4.20pm (Source: Quickcharts)
Chart 2: Supermx's daily chart as at Jan 14, 2010_4.20pm (Source: Quickcharts)
Chart 3: Topglove's daily chart as at Jan 14, 2010_4.20pm (Source: Quickcharts)
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