Pharma Triple Top PatternPharma, a company engange in research and developing medical drug and devices was a darling in pharmaceutical in Malaysia.
Recently, it had been hit hard with expired vaccine and the obsolete of PPE, needles etc (for Covid 19 use) impairment which was not utilised by the MOF.
The recovery of its share price had been distorted as they are facing some dispute issue with MOF regarding ventiltor urgent supply which was claimed as malfunction.
On chart pattern wise, a triple top pattern had been formed which is a bearish signal. The RSI is also showing the reading at 70.97% which can be consider near to overbought. But if it could close above 0.450 before it retouch 0.370 than the triple top pattern will be cancelled out.
In summary,
1) if it cannot break and close at 0.450 or above, the triple top pattern play out. It may drop to TP1: 0.350, TP2: 0.325
2) if it close at 0.450 or above, the bearish pattern shall be cancel. It may rally to 0.515 to close gap.
Disclaimer:
This is not a Buy / Sell call. This material is for learning purposes only.
Consult your financial advisor and trade at your own risk.
