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Nov 5th - Market Report Vivocom. Close RM1.07 volume 83.67M.
Today Vivocom turned in yet another stunning and solid performance, Gap Up Opening and Gap Up Closing. With strong convincing volume and a healthy yet hefty price hike of 15c for the day. Wow!
That’s an increase of 238% to RM1.07 from RM0.45 on 27th Oct.
I am anticipating today to be another bullish day.
With my over 20 years of experience in trading and market risks assessment, I remain highly optimistic on Vivocom heading into today’s outlook on Nov 6th, based on the following technical justifications :-
1) First and foremost, the Gap Up by 4 price level yesterday morning with high volume break out away from RM0.94 was simply brilliant.
2) Consequently on the 15 min chart and market closing matching and traded at Gap Up Closing by 2 price levels, this formed a supremely bullish Marobozu candle stick.
From A Volume Price Action Analysis interpretation this is a most healthy bullish rally indeed. Traders get highly excited when a Marubozu candle emerges as it augurs well for another hefty Rally.
The Prices spread & volume traded for the past week have robustly healthy and impressive with strong follow-through buying. This confirmed there is more than ample liquidity in the stock, in fact one of the best liquidity I have seen.
Elliot Wave developed wave 5/3/5/3 on M15 chart and super duper strong wave 3 on daily chart. Because price move up with scarcely any retracement on 4 consecutive days, volumes on wave 3 is higher than wave 1.
Base on Elliott wave rule, the target price for the wave 3 is calculated 161.8% which is RM1.14, or 261.8% (RM1.59) and 423.6% (RM2.35) extension of wave 1.
I will leverage up(add some position) right after the price cross RM1.14, as the share price will have high chance to go to next level at RM1.59 & RM2.35.
With the announcement made after close of market today however it is worth noting that the price may hit Limit Up due to massive demand chasing after limited supply of shares, especially after the past 5 days of sharp price hikes with over 62.5% buy up rates.
