Top Glove Corporation Bhd (7113)

• TOPGLOV closed 0.3% or 2 sen higher to RM8.00 yesterday.

• Chart-wise, share price hit an all-time-high of RM9.77 and it has undergone a healthy retracement to a low of RM6.11. It has since rebounded strongly on the back of bargain hunting and aggressive share buyback.

• We believe the pullback could be a buying opportunity due to renewed interest on the stock with rising Covid-19 cases globally and news on imminent lock down in London and Europe.

• As such, resistance levels are identified at RM8.82 (R1) and RM9.51 (R2).

• On the downside, support levels are seen at RM6.57 (S1) and RM5.58 (S2).

Source: Rakuten Research - 22 Sept 2020