Recall that on the 22 May 2015, we recommended a “Trading Buy” on TOPGLOV where a bullish “Marubozu” was formed. However, the share price did not perform as our expectation. From a technical perspective, the MACD indicator is undergoing bearish divergence, while the Stochastic and RSI indicators have both dipped downwards into the bearish territory. In fact, the 20-day SMA is staging a “Death Cross” below 50-day SMA, which shows that the technical picture is deteriorating. As such, our prior bullish view is nullified, and we are now closing position on this stock. Nevertheless, we may re-visit the stock should the technical picture turns attractive again.

Source: Kenanga Research - 4 Jun 2015