Naked Chart Trading: MY Glove Stocks 15 May 2024

In my opinion, glove stocks for now unlikely to back where they were during Covid as the demand had been normalising. However there is potential for glove stocks to retest pre-Covid period, which is share prices level before year 2020.

Double top downtrend after recovery of Covid, all the way to Sep 2022 low of RM0.565 and trading in sideway since then. Today spike likely to retest sideway high on May 2023 around RM1.20-RM1.30 level. Then the next key resistance level to be indicated at Nov 2018 high around RM1.80 level. Key support levels at RM0.950 and RM0.780.

HARTA experienced the same double top bearish reversal after Covid and continue its downtrend till the lowest on Feb 2023 around RM1.40 level. However, HARTA's rebound is stronger with double bottom and higher highs and lows. The spike today just hit more than 2 years high and key resistance will be seen at Aug 2018 high around RM6 and immediate resistance at around RM4 level. Support levels on the other hand are around RM2.90 and RM2.40.

KOSSAN's price performance should be the best among the other glovemakers (higher highs and lows with more green weekly candles). Share prices started downtrend after Covid, hit its low of around RM0.880 on Aug 2022 and surged to near 3 years high today, which is also above its pre-Covid level. Next resistance can be measured by Fibo retracement level, 61.8% around RM3.45-RM3.65, while support at around RM2.35 and RM2

SUPERMX's share prices also traded above pre-Covid level and currently testing sideway high of around RM1.10, followed by next resistance RM1.40. Support levels located at RM0.860 and RM0.790

Summary

All glove stocks got no sign of strong bull trend as for now, but with potential short term rebound. KOSSAN lead with the strongest momentum and likely to have more potential for TOPGLOV and HARTA as they yet to approach pre-Covid price level, while SUPERMX to stay above RM1.10 (sideway breakout) to trigger more upside.

Disclaimer
This content is for reference only and does not constitute any investment advice, and past performance is not indicative of future performance. Returns will vary, and all investments carry risks, including loss of principal. Please make your own investment decisions.