Top Glove (SGX: BVA) initial sell-call on 11th March 2021 was met with limited success as price rebounded at $1.50 psychological level. As such, the technical indicates that Top glove is heading for a bullish rebound:
- Prices has broken slightly out of the falling wedge, hence should prices edge higher above $1.80 and $1.85, then we can confirm the upside.
- The smaller inverted head and shoulder formation has just been broken on Thursday after a strong bullish candle close above the neckline resistance zone at $1.74-$.180.
- Looking at the ichimoku indicator, the Tenkan-Sen has crossed above the Kijun-sen and Chikou-span has trend above the candles. To add on, the Chikou-Span has also crossed above the Tenkan-Sen as well.
*Timeline of the trade is 4 weeks from the date issued.
*Trend is still on a bearish side and only by continuing trending above $2.00 then we can see a return of the bull and the confirmation of the triple zig-zag wave mention on 11th March 2021.
Ichimoku Kinko Hyo
Red dotted line = 9 Periods Tenkan-Sen
Blue dotted line = 26 periods Kijun-Sen
Green Line B= 52 periods Senkou Span B
Pink Line A = 26 periods Senkou Span A
Black line = 26 periods Chikou Span. Lagging line
We do not base our recommendations entirely on the above quantitative return bands. We consider qualitative factors like (but not limited to) a stock`s risk reward profile, market sentiment, recent rate of share price appreciation, presence or absence of stock price catalysts, and speculative undertones surrounding the stock, before making our final recommendation
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