Gfm nearly to Head & Shoulder pattern
Gfm is an integrated facilities management & service provide company.
Back in November, GFM acquired the remaining shares in oil and gas (O&G) maintenance services provider Highbase Strategic Sdn Bhd. As at end-September, GFM had cash of RM93.83 million against short- and long-term borrowings of RM28.48 million and RM241.35 million. Net gearing stood at 99.7%, while retained earnings stood at RM93.83 million. Im its latest move, it is acquiring the entire stake in Era Gema Bina Sdn Bhd for RM23 million to expand into the highway rest and service area (RSA) business.
On chart pattern wise, a formation of head and shoulder is seem in developing.
On the bear side,
If its share price pullback from 0.255 to 0.215 (neckline) then, a head and shoulder pattern which is a bearish pattern will be complete. It may further goes into correction to Tp1: 0.170 or Tp2: 0.150.
On the neutral side,
If it can close at price 0.260 or above before the neckline retracement, the head and shoulder pattern shall become invalid. Thus it might do some consolidation to 0.205 or 0.190 and take some time before gaining some strength to rally to Tp1: 0.300, Tp2: 0.330 or Tp3: 0.350.
Disclaimer:
This is not a Buy / Sell call. This material is just for learning purposes only.
Consult with your financial advisor and trade at your own risk.
Back in November, GFM acquired the remaining shares in oil and gas (O&G) maintenance services provider Highbase Strategic Sdn Bhd. As at end-September, GFM had cash of RM93.83 million against short- and long-term borrowings of RM28.48 million and RM241.35 million. Net gearing stood at 99.7%, while retained earnings stood at RM93.83 million. Im its latest move, it is acquiring the entire stake in Era Gema Bina Sdn Bhd for RM23 million to expand into the highway rest and service area (RSA) business.
On chart pattern wise, a formation of head and shoulder is seem in developing.
On the bear side,
If its share price pullback from 0.255 to 0.215 (neckline) then, a head and shoulder pattern which is a bearish pattern will be complete. It may further goes into correction to Tp1: 0.170 or Tp2: 0.150.
On the neutral side,
If it can close at price 0.260 or above before the neckline retracement, the head and shoulder pattern shall become invalid. Thus it might do some consolidation to 0.205 or 0.190 and take some time before gaining some strength to rally to Tp1: 0.300, Tp2: 0.330 or Tp3: 0.350.
Disclaimer:
This is not a Buy / Sell call. This material is just for learning purposes only.
Consult with your financial advisor and trade at your own risk.
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