GLOVE STOCKS

Well, seems like the shooting star is confirmed, see below for the glove index, and an example of supermx, those who have taken profit yesterday closing will gain another few %, but if we were to close position end of today, well if still profit is good ! Well, lets monitor how it pans out, I presume they will retrace to the 20MA, then sideway before deciding whether to continue the downtrend or not. Meaning Supermx has a high probability retracing to 2.6~2.7 (immediate support).

GLOVE STOCKS

Gloves stocks have been on a good run for about 7 trading day, and today 5/Oct show a bearish signal call Shooting Star. In simple words, they are flashing warning " I want to come down" . Definitely in TA terms, tomorrow if close below today price at the lowest range, the bearish signal is confirmed and call for a take profit/cut loss. E.g if Supermx RM3.25 is today low and if tomorrow close below this price, time to take all profit and run, for those just join in today, too bad , got to cut loss, if the signal is confirmed tomorrow.
For simplicity, to gauge the overall glove stocks, I have plot the glove index ( consist of Top glove , Supermx, Harta, Latexx, Adventa & Kossan).