Friday, November 09, 2012
Topglov- starting on the next upleg?
Topglov broke above its strong horizontal resistance at RM5.55-5.60 yesterday (see Chart 1). The volume is relatively thin. If it can recruit sufficient volume, this breakout could sustain. This could be the beginning of the next upleg for Topglov.(see Chart 2). The next resistance could be at RM6.60 & then at RM7.00.
Based on this breakout, Topglov's outlook looks bullish.
Chart 1: Topglov's daily chart as at Nov 9, 2012_10.45am (Source: Quickcharts)
Chart 2: Topglov's weekly chart as at Nov 8, 2012 (Source: Tradesignum)
In addition to the disclaimer in the preamble to my blog, I hereby confirm that I do not have any relevant interest in, or any interest in the acquisition or disposal of, Topglov.