EKOVEST BHD
KLSE (MYR): EKOVEST (8877)
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Last Price
0.36
Today's Change
-0.005 (1.37%)
Day's Change
0.355 - 0.365
Trading Volume
5,621,600
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Ride The Bull Short The Bear
CS Tan
4.9 / 5.0
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
trader808
309 posts
Posted by trader808 > 2024-04-29 21:36 | Report Abuse
1.We have divested from Ekovest since Jan 2024 and moved into other counters that can generate impressive profits and return on investment. In a short span of time we are truly delighted and blessed with a bank full of latex, processing and selling processed rubber sheet SMR to the tyres and auto industries since Jan 2024 with remarkable and commendable result.
2.Now let's get back to Ekovest.
The counter has just completed a Double Top pattern and formation that began on 24/8/23 and cumulated to the top on the left on 25/9/23 at 61 sen. It than began to fall and on 13/10/23 settled at the neckline at 44 sen.
3. It consolidated for 7 weeks and began its climb again on 7/12/23 and reached the second Top on the right on 15/1/24 again at 61sen in which Tan Sri has seized the opportunity to dispose 6m shares. Thereafter, it resumed its decline and on 4/3/24 the counter reached the neckline again at 44.5sen
4. That completes beautifully the Double Top pattern and formation of Ekovest. Where does it go from hereon?. I truly do not know. But it is quite certain according to the candlesticks chart ekovest will move into consolidation and trade sideways in the coming days or weeks. Nevertheless, let it be forewarned, double top is a bearish pattern and formation.
5. However, if it breaks the neckline from above to below than, the immediate support is at 41.5sen and the next formidable support is at 36sen. So bear in mind and you have been forewarned. However, there is no need to panic. Again I could be completely wrong.
6. Technically, the 9 days MA line has crossed over the 26 day MA line from above to below on 7/2/24 at 55 sen. This is a dead cross and the gap between the 2 MA lines has widen and continued to worsen. It is seriously alarming that in the last 10 trading days the share prices had declined below both the 9 day and 26 day MA lines.
7 The MACD or moving average converging and diverging indicator is looking equally bad. The MACD line has crossed over the signal line from above to below on 29/1/24. The gap between the 2 lines continued to widen and the solid red histogram which is a measure of selling momentum is expanding. Hence, the MACD indicator has indicated that the worst is yet to come.
8. The Relative Strength Index RSI is currently at the hugely oversold 30 points level. In the absence of positive news flow and worthy catalyst it could remain languishing at the oversold level for a prolonged period of time.
9 Considering that Ekovest is still a loss making company, and the highway to profitability is delay for the next 2 years and there have been no news and update on the due diligence involving the mega proposal hence, it may not be a bad idea to divest and allocate more efficiently scare capital and resource elsewhere.
10 No matter how deeply you love a company, one should not be inextricably entangled in emotional value. We should only be bonded by intrinsic value.
11.And sadly Ekovest has none in the meanwhile.
12. What would you do tomorrow?.
The choice is yours.
Trade wisely
29/4/24