Setia2u, you speak sense here. In your opinion, the significant volume this week, are they mainly people with insider info, parties acting in concert, or speculators (just because of the new chairman)?
I ask because last month's volume has also been relatively higher than usual.
MIchaeIW : If you look at the high volume of last month, it was when this counter started to move up and the price was capped below 40.0 sen, why? Simply because a lot of stall bulls were selling and get out, so the insider or syndicate (maybe) were happily collecting. Then come the news of new chairperson, some speculators came in and pushed the price above 40.0 and continues... as you can see now and also would have been cleared by now. I studied back the price movement for the past 2 years since GO, it was well supported at around 60.0 sen in early 2016 by share buy back activities, after that, the price started to fall drastically to around 30.0 sen without much volume. That's why you can see when it surged from 42.0 sen to 54.5 sen yesterday without much resistance because not people was caught at this level. If my analysis is correct, it will easily go up to around 75.0 sen to 80.0 sen where previous speculators were caught after GO was over in May 2015.
My conclusion of volume study after a sleepless night ... going for work now and all the best to REDTone shareholders. Cheers with coffee.
I think chairperson does not make any different for now (immediately ).....Sultan was always major shareholder for some times...if Tuanku want to do whatever....he can always do long time ago. Normal for father to hand over business to children....yet her ability in corporate sector are not know. Why up?.. because it cheap (laggard) think 50-55 is resistance as this is the support price for sometime....unless VT plan something.
Setia2u, Thank you so much for sharing your valuable insights. I have been holding this share for about 2 years now, let's hope it breaches the 80 sen level soon.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
MichaelW
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Posted by MichaelW > 2017-03-09 09:35 | Report Abuse
Haha speakup is so excited. Setia2u, I agree with you..bjcorp must have plans for this company otherwise its money wasted.