Top Glove Corp Bhd (SGX: BVA) initial plan was to adopt a wait and see approach after the release of the 14th September report and the 2 weeks price movement indicate a potential correction to the downside of a possible double three corrective action or an expanding wedge formation. However, recent technical shows that a potential strong bullish impulse is building up:
*Timeline of the trade is 3 weeks from the date issued.
*The resistance zone remain a clear immediate threat which needed to be cleared to confirm the uptrend. Otherwise, the support zone one in green will be the next best potential support.
Blue dotted line = 50 periods Moving average
Green dotted line = 22 periods Moving average