Most of the rubber glove stocks rallied in the past 2 months, with one noticeable exception- Topglov . That stock had a short rally in April and since then, it has been consolidating in a flag formation. Today, it is trying to achieve a breakout to the upside. The indicators have curved up nicely. If Topglov can break above the RM6.40 mark convincingly, it can rally like the rest of the rubber glove stocks. Its first resistance would be its 2010 high of RM6.78.
Based on technical consideration, Topglov could be a trading BUY (if it can surpass the RM6.40 mark).
Chart: Topglov's weekly chart as at Sep 12, 2013_10.30am (Source: Quickcharts)
For more on Topglov, go
here.
Note:
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.
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