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Saturday, September 25, 2010
Charts Tip Top Glove May Fall To MYR3.55 -Maybank
STOCK CALL: Maybank IB Research rates Top Glove (7113.KU) at Take Profit based on charts with downside targets at MYR4.78, then MYR3.80, and MYR3.55. Technical analyst Lee Cheng Hooi says stock of world's largest producer of latex gloves made daily major Wave 5 high of MYR7.38 in July, with grossly overbought, bearish divergent signals, but stock now in "very strong" Wave 3 downtrend. "With the negative crossovers from the CCI, DMI, MACD, Stochastic and Oscillator indicators, we feel that Top Glove has the potential to test our downside targets," says Lee. Stock last +3.7% at MYR5.29, having breached immediate resistance at MYR5.10. Next resistance at MYR5.79.