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The correction was healthy and it did rebound from the rm3. 40 support. It did close higher than yesterday's closing of rm3. 60. TA wise it will test the resistance tomorrow.
^^^GLOVE RALLY: STRONG HANDS UNLOADING AT HISTORIC HIGH??!
With gloves, today bursa healthcare indices made its historic high at 2,801 from low of 2,158 on 19/6/2020 after almost 30% hikes among the sectors. It has also hit the first target of important fibonacci extension target 2,790 (161,8%) in impulsive trend before pulling back closed today with a bullish hammer stick. For that reason maybe some strong hands unloading just ahead of getting into the historic highs resistance area.
Would this bull rally continue higher?
My Bets: We have divergence on hourlies. No rush is needed without a breakout of today strong resistance high because bears can easily claim this is a topping formation. Otherwise, we are looking for one more move to the upside, probably higher 3,205 (261,8%) area.
Biotech company Novavax announced it was awarded $1.6 billion from the U.S. government to help accelerate the late-stage development and manufacturing of its coronavirus vaccine candidate, Reuters reported.
Comfort is a laggard in the rubber glove industry.
Pricing has broke above the bull flag target resistance line 3,80. With this breakout of strong resistance line of 3,15-3,20, pricing is finally joining the rubber glove rally. Its next resistance is the horizontal lines of 4,20 - 4,22 level, where the previous high made.
If you look at the monthly chart, we can see that the stock is still remain intact in a long-term uptrend line. Wave (5) target can be important fibonacci extension target around 5,26 (161,8%) and higher 6,85 (261,8%).
Based on technical consideration, Comfort could be a good trading BUY. Its next financial result should be announced soon. A good set of numbers could sustain the developing rally.
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Posted by toto > 2020-07-07 17:24 | Report Abuse
Amen