Let us bring back one of our darlings from earlier this year, IVORY (5175) and IVORY-WA (5175WA). Previously had a good 5 months of rally since March 2013 before entering into a price correction in July 2013 for 4 months. November will be a good month for IVORY and IVORY-WA as they are both ending their long weekly price correction signalling a trend reversal soon. Definitely we will be looking at their 1st resistant (RM0.695), 2nd resistant (RM0.795) for IVORY and 1st resistant (RM0.320), 2nd resistant (RM0.410) for IVORY-WA.
We’ll put aside their fundamental outlook of course since after all it is not about scoring an ‘A’ on reading the financial statement nor having the most expensive technical analysis software as a crystal ball. We are just talking about ‘Trend’ and the word ‘Following’. FBMSCAP Index (Small Caps Stocks) has created a new historical high yesterday and we’ll remain bullish on the small caps stocks.
(Position Trend Trader, Financial Speaker)