MY OBSERVATION ON THE TRADING PATTERNS OF THIS POTENTIAL MOMENTUM COUNTER.
Counter: MTOUCHE ( Code: MTOUCHE TECHNOLOGY BHD,
Telecommunications & Media, ACE Market)
I have been diligently following the trading pattern of MTOUCHE for the past week or so since it is in the same "stable" or connected to common person/s to some “super penny stocks” which had made a massive run-up in term of price & volume that has contributed significantly to Bursa Malaysia total daily volume
I noticed some peculiar & interesting trading patterns which suggested very heavy collections at a single price level of 0.070 for several days BUT most importantly it closed at a breakout of this 0.070 level at 0.075 on Friday, 17 July 2020.
Let's further study the collection pattern at 0.070 for the past one week days :
| MTOUCHE - TRANSACTION DONE 13 TO 17 JULY 2020 | |||||
| PRICE | 13-Jul | 14-Jul | 15-Jul | 16-Jul | 17-Jul |
| 0.065 | 0 | 0 | 3,336,100 | 695,700 | 579,000 |
| 0.070 | 2,228,800 | 13,744,900 | 19,446,700 | 62,253,600 | 43,385,900 |
| 0.075 | 39,193,000 | 9,012,200 | 219,400 | 695,700 | 1,662,000 |
| 0.080 | 3,375,600 | 0 | 0 | 0 | 0 |
| T. VOLUME | 44,797,400 | 22,757,100 | 23,002,200 | 63,464,200 | 45,626,900 |
| % AT 0.070 | 4.980 | 58.700 | 81.700 | 93.440 | 92.720 |
For the past week or so, market was ignited with the run up of super penny stocks which has registered gains of more than 100% in a few days and a few counters registered a more than 100% gain in a single day.
Let's us relook at a few super penny counters which are in the same "stable" :-
| SUPER PENNY COUNTERS IN SAME "STABLE" | |||||
| COUNTERS | DATE | LOWEST PRICE | DATE | HIGHEST PRICE | % Increase |
| PDZ | 1-Jul | 0.040 | 13-Jul | 0.325 | 700 |
| DGB | 1-Jul | 0.020 | 17-Jul | 0.070 | 250 |
| INIX | 1-Jul | 0.050 | 17-Jul | 0.140 | 180 |
| FINTEC | 1-Jul | 0.065 | 9-Jul | 0.120 | 85 |
| MLAB | 3-Jul | 0.030 | 9-Jul | 0.065 | 117 |
| KGROUP | 1-Jul | 0.060 | 13-Jul | 0.090 | 50 |
| XOX | 15-Jul | 0.060 | 17-Jul | 0.165 | 250 |
All the above counters has generated huge volumes which contributed very significantly to the record high volumes on Bursa Malaysia and in the same "stable" or person/s connected somehow or rather.
TECHNICAL VIEW:
THE SUPPORT & RESISTANCE LEVEL OF MTOUCHE ARE 0.065 & 0.080 RESPECTIVELY. THE MACD IS ABOVE THE CENTRELINE INDICATING SOME DEGREE OF STRENGTH IN THE PRICE MOVEMENT. LET SEE WHETHER THE ENTHUSIASM OF MARKET PLAYERS WILL CARRY IT PAST ITS RESISTANCE OF 0.080 FORBEARING ANY ADVERSE MARKET CONDITIONS.
CONCLUSION:
- LIMITED DOWNSIDE
- HEAVY COLLECTIONS SEEN AT 0.070
- Strong support at 0.065 with over 76 million (355 transactions) parked to buy at 0.065
- I ALWAYS SUBSCIBED TO THE BELIEVE IN LOOKING FOR COUNTERS WITH MINIMAL DOWNSIDE RISK RATHER THAN CHASING THOSE THAT HAVE MOVE UP SIGNIFICANTLY.
https://klse.i3investor.com/blogs/healthcare/2020-04-15-story-h1505986564.jsp
TheEdge Mon, Jul 06, 2020 02:00pm - 5 days ago
INVESTORS are drawn to technology stocks because of their bigger growth potential in an era of increasing digitisation, automation and artificial intelligence.
Dividends tend to be secondary as, historically, technology companies are expected to reinvest their earnings into growth initiatives to drive further expansion.
A closer look at Bursa Malaysia reveals that there are a handful of tech or tech-related stocks that offer higher yields, particularly now that fixed deposit rates are measly following the central bank’s paring of the overnight policy rate to a 10-year low of 2%.
https://www.klsescreener.com/v2/news/view/698273
https://klse.i3investor.com/blogs/Bursa_Master/2020-07-12-story-h1509679682-WILL_THIS_COUNTER_BENEFITS_FROM_THE_CURRENT_TECH_RUN_UP_COVID_19_PANDEM.jsp
LET’S SEE HOW THE SHARE PRICE MOVEMENT IN THE NEAR FUTURE FORBEARING ANY GOOD CORPORATE NEWS.
Disclaimer : The above opinion is never intended to be a BUY CALL whatsoever. I am sharing my observations ONLY based on fundamental; past history; current trading pattern; charts etc. Please make your own informed decision before buying this share or whatever share for that matter.
BURSAMASTER
https://klse.i3investor.com/blogs/Bursa_Master/2020-07-19-story-h1510630172-MY_OBSERVATION_ON_THE_TRADING_PATTERNS_OF_THIS_POTENTIAL_MOMENTUM_COUNT.jsp
