WTI = 23.79

3 layers resistance :

SMA 50 = 0.155
SMA 90 = 0.225
SMA 200 = 0.315

Brent Crude Oil = USD 26.72.
US WTI June future = USD 19.47.

Oil price rebound sharply this week, almost double from bottom price.
Oil & Gas related counter will be in hot spot again next week.

tomorrow May onwards, OPEC+ will cut oil supply while most markets will re-open by May onwards which will resume the demand of oil gradually.

WTI futures :

June = 17.18
July = 21.25
Aug = 24.32
Sept = 26.56
Oct = 28.05
Nov = 29.06
Dec = 30.01

Dec'2022 = 38

TA indicators today start to reverse from bottom, it was oversold in Apr from 0.18 to 0.125 due to oil price crash.

with the oil price rebound, the downtrend should be ended by yesterday at 0.125.

the TA indicators are showing KNM could have reach bottom at 0.12/0.125, after dropping from 0.18 (-44%).

the oil price is rebounding as well.

I believe from 0.18 to 0.125, most of the retail sellers do not have holding power already sold in April.

without IDSS, it is difficult to push down the price.

Today's volume only 10M+ vs. past 4 days volume at 30M ~ 40M.

Apr 27th (opened 2.48 + closed 2.34)/2 = 2.41 (highest 2.53)

Apr 28th opened = closed at 2.38 < Apr 27th's 2.41.

Apr 29th closed at 2.36 < Apr 28th's 2.38.

Obviously in term of volume and price movement, after reached Apr 27th highest 2.53, a reversal to downtrend is formed. Wait for the reverse trend complete then only buy back low.

2.3 psychological level broken, waterfall dropping.

touching 2.30, last Thur's SBB price.

last Friday opened 2.32, closed 2.43.

(2.32+2.43)/2 = 2.375.

If today's closing = 2.37 or below, the trend switch to downtrend.

realistically the next support should be at the range of 0.105 - 0.115.
the high buy Q is fake volume, all 0.145, 0.14, 0.135 had been disposed within 2 days.

@ Jack Khan, I agreed May will be difficult month to trade.

My doubt is whether SBB will still continue daily next week.

Anyway I bought back 2.3 yesterday closing as seeing high volume SBB by noon yesterday, but sold all again today at 2.43 - 2.44, too risky to hold stock over weekend.

The stock spike up abnormally purely due to daily SBB.

what will happen if no more SBB next week and only IB to attack CW ?

SBB normally is to support share price when price drop.
Buy this SBB seems to push up price daily to maximum.

2.5 this month is achievable if continue SBB.

wait for downtrend completed and buy back.

Sold all yesterday 2.18.
Inspired by the company share back yesterday, buy back this morning opening 2.17, sold all again 2.32 by noon.

Seems there was a share buyback again at 12:10pm with sudden high volume push up the price to > 2.3.

IB's 2.5 TP maybe achievable.

it is true that it is a mid-long term uptrend during the outbreak period.

today EMA 20 crossover > EMA 5, officially move into downtrend again.
the previous uptrend since Apr 2nd ended.

WTI June future drop to $ 10.72, most likely will be in negative price again when it is going to expire next month.

daily buy Q is high but price had been dropping from 0.18 to 0.135, most likely those buy Q are fake volume.

Sold all at 2.18 this afternoon.
Shall be time for price correction this week, it is now at overbought zone.

shall be time for correction this week, already rally for 13 days.

now WTI June future drop to < $ 11.

WTI June future drop to < $12 again.

with the over supply of oil, all companies are cutting down capex which is impacting KNM for its engineering service.

SMA 200 = 1.09 is the last support, if broken, will be in downtrend mode again.

For price correction, the 3 layers support should be 1.67, 1.59, 1.55.

next support should be 0.105/0.11.
all short term TA indicators are moving downtrend.

2018 July highest 2.26.

the price correction next week for Glove is an opportunity to collect low, by knowing the revenue, profits, volume and demand will break new high during outbreak period.

@ Foker, Glove remain the only safe counters during the outbreak. If DJ really break new low record within April like what some analyst predict, most of the counters in Bursa will reach new low but Glove will be an exception.

I am standby, not stay out to collect low for Supermax.

The support remain SMA 200 = 1.54.
If SMA 200 broken, next support 1.4 & 1.3.

US population = 331 mil.
Within past 2 weeks already have 10 mil people newly filled for jobless claim = 3% of their population.
Economist estimate within near term the new jobless claim will accumulate to 45 mil = 13.5% of their population.

It wont be surprise by end of the outbreak, total unemployment rate for US could be > 30%, worse then Great depression.

Most analyst expect by April, Dow Jones will hit another new low when the outbreak reach the peak by mid-April.

guys, there is no cup & handle for supermax, it is trending lower high.
only Harta is trending higher high that qualified as cup & handle.

Mar 30th = high 1.78, low 1.68
Mar 31st = high 1.77, low 1.67
Apr 2nd = high 1.66, low 1.59
Apr 3rd = high 1.66, low 1.59, closing 1.59.

apparently it is trending down but operator not willing to sell at low price, they block buy Q with high volume to attract retail traders who are willing to buy high from them, but seems most of us are waiting to buy low, so it takes time to slowly trend down.

the whole day volume only 10.8 mil = normal day volume.

the price correction is so far only done half way, to be continue next week.

@ icepumpkin, have patience for price correction, it wont up one day to top and drop one day to bottom. it takes days to complete each cycle.

for O & G, I bought some as well yesterday for the rally but sold by end of the day. Beware that it was Trump big mouth bluffing only can settle oil price. Oil future drop again.

@ AdCool, if I remember correctly, Mar 12th rebound was an exception, it was due to Mar 11th, WHO declared the outbreak was a worldwide pandemic, cause all the glove counters from corrections immediate rebound the next day to 1.86, but next 3 days drop sharply to 1.3.

"WHO declares the outbreak of the new coronavirus is a pandemic
This is the first pandemic since H1N1

By Nicole Wetsman Mar 11, 2020, 12:33pm EDT"

the sudden rebound carry with volume of 30.2 mil due to the sudden announcement.

this round may be similar to Feb 10th - Feb 20th, slowly trend down with thru & forte from 1.75 to 1.52.

@ Foker, the only counter that is really a cup and handle is Harta only. It had been trending higher highs for Q1. Harta opening today 7.1, again breaking a new high.

For Supermax, it actually trending lower highs, not qualify as cup and handle and correction shall continue.

Jan 28th = highest 1.93
Mar 12th = highest 1.86
Mar 30th = highest 1.78

this round the operator slowly sell their stocks instead of a sharp drop without IDSS.
again, same tactics thru & forte to attract retailers to chase high and close at 1.63 same as opening.

again, I put small volume to test the water at opening to match 1.63, sell 1.65 for 2 cents gain, it looked more like operator selling stock slowly rather then a rebound.

the whole day volume only 12 mil = normal day's volume, need extra patience to wait for the correction done.

about 3.5 mil transaction at 1.62 and the price still 1.62.

let the operator play their own drama left <=> right hand, we just patiently wait for the correction done.

guys, don't chase high.
all the TA indicators are showing a downward for today.

it is a usual tactic for operator to create a positive momentum at opening to sell their stocks at higher price, then layer by layer sell down.

there will be thru & forte when selling down to let retailers have the impression of "rebound", end of the day it is a down.

Unless you have very high skill to gain the 1 - 3 cents thru & forte, else may get stuck when chasing high during price correction.

@AdCool, I did test water (small volume) at opening today match at 1.68, within seconds I have to sell at 1.70 for 2 cents only. The risk vs. gain may not be justify.

@ papaya8323,

We sold at 1.7x to make profit, and wait to buy back from bottom for 2nd round within a month.
You cut lose was because you chase high during a correction from top which is a reverse way.

1.78 - 1.3 = 0.48 = 36% x 2 cycle a month = maximum 72% a month.

Even trade at bottom price of 1.3, the price is still higher then Jan's price (before outbreak). Glove is the counter that have minimum downward risk during outbreak period while other counters already drop half if compare to Jan's price (before outbreak).

We are not wasting time here, we are investing our time at a counter that is comparatively safe during outbreak period with maximum return.

@ Trapper, welcome, we are on same boat.

@ chief999, I personally have doubt that the operators will push the price to break the ceiling as they want to play safe as well during the outbreak period + getting worst's US & Europe situation.

Imagine if they collect 80 mil at 1.3, 1.4, 1.5 next week, with all the sudden US economist declare a great depression is coming, the whole world's stock market will crash and the operators will stuck with stocks with no retailers willing to buy from them. Most likely it will trade at current level between 1.3 - 1.8, two cycles a month until the situation stabilize. Now US's nightmare just started, not even half way.

what we need to do is ride with trend, buy low sell high and never chase high.

@ laychee, past one week DJ "rebound" due to all the "good news" released was for those big guys & politicians to escape from stock market (+ transfer the burden to general public).

this week they need to look "sad" as to crash the market to buy back from bottom.

@ Trapper,

SMA 200 = 1.54 theoretically is the support level.

IF SMA 200 broken, then second layer support will be 1.4, third layer support 1.3.

At which price is good to buy subject to the live TA indicators & trends & whether the support level broken.

Split your bullets and do not buy one shot to mitigate the downward risk.
Most likely the correction will end by this week, next week shall see a rebound.

The last correction by mid-Mar took 4 days (from highest 1.86 to bottom 1.3).
The last rebound took 10 days (from bottom 1.3 to highest 1.78).

today's volume only 10 mil (highest 1.7 => lowest 1.59).

DJ future -666, -3.06%, good number.

based on all indicators at closing price of 1.61, the correction is at initial stage only.
it depends on whether tomorrow will gap down.
if tomorrow remain small volume downtrend, then Friday most likely will gap down.

it is like "back to the future", the shark is using almost identical tactic as last correction mid-Mar.

if reference to Mar 16th before closing lowest = 1.51 => most likely may happen tomorrow.

if reference to Mar 17th opening lowest = 1.3 => may happen by Friday.