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 Top Glove rises to record high
KUALA LUMPUR (April 13): Top Glove Corp Bhd's share price pared gains in afternoon trades today after rising to a record high on expectation that the Covid-19 pandemic, which has killed more than 100,000 people globally, will result in higher demand for rubber gloves as the healthcare sector contends with the rising number of infected individuals.

At 12:30pm, Top Glove’ share price settled up 22 sen or 3.38% at RM6.72 for a market capitalisation of RM17.35 billion. At RM6.72, Top Glove shares were traded at a price-earnings ratio (PER) of 46.05 times.

Top Glove’s share price pared gains after rising to a record high at RM6.83 earlier today.

source: theedgemarkets.com


As of 13 April 2020, TOPGLOV has been on a strong uptrend as suggested by the upward sloping 20-Day and 50-Day Moving Averages. In addition, the price just broke the resistance of 6.5 reinforcing the bullishness in the recent price movement. Ideally one would like to see an increase in traded volume to demonstrate the enthusiasm of the traders to push the price past this technical resistance level. However, there was a decrease in the traded volume in this breakout. Hence it is important to monitor the immediate price volume action to ascertain the validity of this breakout. Stochastic and RSI indicators showed overbought signal.

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