Its highly possible that Top Glove and other glove shares could head down to pre-covid level and for top glove, this means price level around 2-3 Ringgit.
My reasoning being
1) from time perspective, the 2 peaks (Aug 7- Oct 19) are 73 days apart, then from the Oct 19 top to Jan 4 bottom is 77 days (could be 73 if not for the long weekend), then from Jan 4 to the earning date on Mar 18 is also 73 days - THIS IS TIME HARMONY in GANN.
I expect price to hit bottom around May 31 (which incidentally is another Gann seasonal date).
2) looking at how covid cases have dropped significantly around the world, the usage of gloves will be drastically reduced, likely pre-covid level.
3) Montlhly, weekly and daily swing all DOWN. Cummulative Selling volume also higher than buying.
Good luck. My personal opinion and not trading advice.
If short selling is available, i will be shorting it.
My reasoning being
1) from time perspective, the 2 peaks (Aug 7- Oct 19) are 73 days apart, then from the Oct 19 top to Jan 4 bottom is 77 days (could be 73 if not for the long weekend), then from Jan 4 to the earning date on Mar 18 is also 73 days - THIS IS TIME HARMONY in GANN.
I expect price to hit bottom around May 31 (which incidentally is another Gann seasonal date).
2) looking at how covid cases have dropped significantly around the world, the usage of gloves will be drastically reduced, likely pre-covid level.
3) Montlhly, weekly and daily swing all DOWN. Cummulative Selling volume also higher than buying.
Good luck. My personal opinion and not trading advice.
If short selling is available, i will be shorting it.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.