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The Market remain weak but glove sector show some movement, it is due to currency or not?
You can always find the current exchange rate of MRY/USD. However we will direct look at the chart of 3 market leaders in glove industry: Harta(5168), Topglov(7113), and Kossan(7153), after that we decide whether it will be the next trend as steel industry.
Harta(5168), after few days effort, yesterday (27 sept) finally breakout with significant volume, today the price stand above the breakout point Rm 6.8, indicate that the breakout is valid and the price had move into new range, most probably will retest the all-time high Rm 7.4 soon.
Topglov(7113) and Kossan(7153), similar to Harta, both counters significant increase in volume but yet to breakout, seem to be very soon. For Topglov, now it is very close to Rm 5.55, once stand firmly, the engine start.
So glove sector possible will be the next theme in the market, we can start to find other glove counters. We pick 2 counters to deploy. For both counters you can start collecting cheap share OR enter at breakout point.
Best pick (1 is the best), the collecting price, Breakout point, Target price (TP), Support, and Cut loss (CL) given later below:
- Comfort(2127) – The trend is still there, consider sideway, once break through Rm 0.950 will heading toward TP.
- Carepls(0163) – We actually do not recommend this counter since the trend is unclear yet, but it is cheaper, if you wish, you can make deployment.
Collecting Point : RM 0.935 – RM 0.940
Breakout point : RM 0.950 (Enter while breakout)
TP 1 : RM 1 TP 2 : RM 1.20 (RHB Research Institute TP 1.28) {refer end section}
Support : RM 0.930
CL : RM 0.920
Collecting Point : RM 0.315 – RM 0.320
Breakout Point : RM 0.325 (Enter while breakout)
TP 1 : RM 0.4 TP 2 : RM 0.450
Support : Rm 0.310
CL : RM 0.3
By Rambo.
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DISCLAIMER : Investment involve risk, including possible loss of principle and other losses. This article and charts are provided for information only and should not be construed as a solicitation to buy or sell any of the instruments mentioned herein. The author may have positions in soe of these instruments. The author shall not be responsible for any losses or lost profits resulting from investment decisions based on the use of the information contained herein. If investment and other professional advice are required, the services of a licensed professional person should be sought.
Author: Ramboshare4u | Publish date: Fri, 29 Sep 2017, 12:10 AM
http://klse.i3investor.com/blogs/ramboshare4u/133816.jsp
