12 Nov 2020
Vivocom: lunch time report

‘Market is always right’

The phrase refers to no single individual can go against the market, because the market is always correct.

What the market is telling us now is that Vivocom’s momentum is simply unstoppable.

Today being T+2, logically the stock should stay flat or down as traders are forced to exit their positions or fork out cash to pick up the shares.

Yet, Vivocom closed at RM1.47, up 5.76% from yesterday with robust volume of 49.75M shares traded.

The price closed above all-time high volume weighted average price (VWAP) of RM1.4617.

On top of that, the share price gapped up for the 11th consecutive day.

Traders took profit in the morning TWICE but it went to as low as RM1.40 only, higher than yesterday’s close.

This formed a ‘double bottom’ on 5 minutes chart.

This means the buying interests is incredibly strong with traders adopting ‘buy on dip WITHOUT WAITING’ strategy.

I would not be surprised if the shares go to RM1.80 level in the immediate future.

Hang on tight guys, we are in for an exciting journey ahead.