Best statement at the meeting today: "All shareholders are equal, were all Communists here". hahaha.

Let's see if today is the start of a breakout of the triangle.

First of all, the ceiling is at RM1.50 not RM1.55.

Secondly, nobody can know how any stock will do at any given time. So, no I don't know if it will break the ceiling of RM1.50 today. I just hope it will, based on what I mentioned as "other factors" in my previous post.

They are:
1. The price is way above the SMA200 (positive long term outlook, but see caveat below)
2. The SMA10 is above the EMA30 (positive short term outlook)
3. It closed above the 52-week high of RM1.28 just recently (Jan 3rd, 2014)
4. For the past month and a half it is trading above the SMA10 on most days.

Caveats:
1. The price moved above the SMA200 last year (May 7th, 2013). That was nine months ago. How much longer the uptrend will last is anybody's guess. We just have to be prepared for a pullback.
2. Is it time for an Elliot Wave pullback? (Uptrend for 5 waves; 1,2,3,4,5 followed by a pullback of 3 waves A,B,C) If we start drawing the wave from September 2013, is it the start of A,B,C?

We will only know at the end of the trading day. And right now it looks like a shooting star is forming which is not good.

By the way, none of the last 3 days' candle is a hanging man. The hanging man must have a small body with a long lower shadow.

We cannot control what will happen any day but we can control what action to take when whatever happens does happen.

RM1.50 is not a support point. It is in fact a ceiling.

Support occurs on a downtrend when the price will not go below a certain point (the support).

In this case, the price of Vitrox is in an uptrend and for the last 3 consecutive days it refused to go above RM1.50 so that is a ceiling. But looking at other factors, it looks like this ceiling will be broken hopefully today when the price will close above RM1.50.

Now at RM1.54 after hitting RM1.55. Go Vitrox, go!