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AT-WC (10/11/2020) runs amok (again?)
The stock closes with huge buying pressure with volume reaching all time high, along with the price action.
If momentum continues, using Gann Square of 9, next resistance would be at 0.23 and 0.28 with Support at 0.19 and 0.15. The stock could complete Wave 3 at 0.23 zone, before pulling back to around 0.15 (38.2% Fib Retracement) for Wave 4.
Currently the price already exceed upper Bollinger band, therefore is at risk of pullback anytime soon. Entering now is very risky, therefore, its good to wait for a pullback and buy on dip.
Below news catalyst could have influenced the price action
6/11/2020 AT Systemization signs distributorship agreement with LKL Source The Star
5/11/2020 Ministry drafts plans to keep Malaysia's leadership in rubber glove sector Source TheEdge
28/10/2020 AT Systematization expects glove-making capacity to reach up to 2.6 bil pieces per year by June 2021 Source TheEdge
TAYOR guys !
Disclaimer: I’m a newbie trader practicing my knowledge. If you like my analysis, please consider following and help to feedback if you see any room for improvement. Thanks everyone.
If momentum continues, using Gann Square of 9, next resistance would be at 0.23 and 0.28 with Support at 0.19 and 0.15. The stock could complete Wave 3 at 0.23 zone, before pulling back to around 0.15 (38.2% Fib Retracement) for Wave 4.
Currently the price already exceed upper Bollinger band, therefore is at risk of pullback anytime soon. Entering now is very risky, therefore, its good to wait for a pullback and buy on dip.
Below news catalyst could have influenced the price action
6/11/2020 AT Systemization signs distributorship agreement with LKL Source The Star
5/11/2020 Ministry drafts plans to keep Malaysia's leadership in rubber glove sector Source TheEdge
28/10/2020 AT Systematization expects glove-making capacity to reach up to 2.6 bil pieces per year by June 2021 Source TheEdge
TAYOR guys !
Disclaimer: I’m a newbie trader practicing my knowledge. If you like my analysis, please consider following and help to feedback if you see any room for improvement. Thanks everyone.
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