HARTALEGA 1/8/2020
Updated
Rising wedge triangle seen here with an overbough RSI. Potential sharp correction soon?
Healthcare equipment counters are piping hot nowadays due to the ongoing pandemic. However, there is always a chance that reality may not meet the expectation. Chart wise, hartalega, like most glove counters, it continues to chart high higher highs but it seems to me there may be a short term bearish reversal soon for Hartatelga. Maybe can relook once QR is out.
Healthcare equipment counters are piping hot nowadays due to the ongoing pandemic. However, there is always a chance that reality may not meet the expectation. Chart wise, hartalega, like most glove counters, it continues to chart high higher highs but it seems to me there may be a short term bearish reversal soon for Hartatelga. Maybe can relook once QR is out.
Note
Tomorrow will be a crucial day for hartelega as the QR is expected to be published. Chartwise, it has touched the uptrend resistance line and retraced immediately. As long as it doesnt close or violently break below the 20.250 level, i think it should have some more room to grow.Personally, i will stay out of this counter because i) the chart doesnt look as nice as other glove counters, looks like a sharp correction coming soon ii) Last QR was not up to expectation, may lead to a crash again ( just like last QR). iii) Can see some sell down pressure already towards the end of the day.
Note
As predicted, it came crashing down, breaking below the wedge.
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