(7803)
Background
Established since 1987 Rubberex is a leading global player in natural rubber, synthetic rubber and vinyl gloves for household, industrial, professional and food handling applications. As a listed entity on the Malaysian Stock Exchange since 1997 Rubberex is adequately capitalized and expected to be responsible in its dealings with its customers. The Malaysian plant is located in IPOH on 70,000 sq. m land area. The production facilities are within a single location giving Rubberex the edge to serve the multiple needs of the customers.Rubberex believes in the Green Policy practices as evidenced by the ISO 14001 certificate it renews annually.
Candlestick Chart
This counter has 3 level resistance to break in order to reach high of 0.87..
As you can see in the stochastic, the counter in a strong momentum or more known as overbought area (above 80%). Chaikin A/D also shows good sign, high volatility.. pointing up and above 0.. the Last time it moved above 0, price ended up strongly/higher.
Point & Figure Chart
If some couldn't understand, just ignore this.
The red block is congestion. Based on calculation, it could go low to 0.67 (if x2) or 0.57 (if x3)... 0.67 was reached after that however, it could not down to 0.57, instead ended up lowest at 0.585 (quite near though). Another test done from bearish breakout, resulted price to 0.60 and it reached.
Now, lets check on bullish breakout where we are having it(wave) at the moment. After calculated, price objective is at 0.87.. This is the previous high.. If it goes there, mean the stock is going to form double bottom or a possibility to breakout.
Lets check on pre. bullish price obj.. 5x0.01x3= 0.15.. 0.69+0.15=0.84..
So, before reaching 0.87, hope it can hike to 0.84 before to 0.87.
This calculation is valid until bearish reversal take place.
Happy Weekend..