Topglov: Breaking Above All-time High

On July 2, Topglov made an all-time high of RM6.24 (or, unadjusted for 1-for-1 bonus high of RM12.48). After that the share price plunged due to the Adventa acquisition saga. Topglov recovered substantially when it finally implemented its bonus issue in October.

Yesterday, Topglov broke to the upside of its triangle, ABC at RM6.00. This morning, it went above the July high of RM6.24. These consecutive bullish breakouts are exceptional in a weak market. Something big is going to land soon.

Based on technical analysis, Topglov could be a trading BUY. If you choose to trade these breakout, please do so with caution given the many headwinds we are facing now. Good luck!


Chart: Topglov's daily chart as at Nov 29, 2018_9.50am (Source: Malaysiastock.biz)