I've spotted another worth investment to be monitored in my watchlist. Hence, I would like to share this stock with you. And this stock would be Bioalpha Holdings Berhad (0179).
If you were to study BIOHLDG thoroughly, you would notice that despite the company had multiple good announcement and yet the share price only reflects for a brief moment and would retrace afterwards.
This signifies that a certain party, or seller is disposing the shares every time it goes up. Why?
The answer would be – these people are the ones who get trapped on the top, a.k.a weak investors or weak holders of the shares. Hence, every now and then the stock will rinse these investors out of the game before going for another rally.
Despite only by a minor symptom, BIOHLDG share price does have a double bottom formed strongly at the range of 22.5 cents. In other words, in short term, there is absolutely no way for the share price to drop below this level. As for the resistance level, BIOHLDG is currently holding at 30.0 cents. Once it’s broken, the share price would immediately spike and challenge 32.5 cents!
However, these are only short-term trading insights that I can give you. If you noticed carefully, every time BIOHLDG was consolidating, the volume was minimal. This means that someone is collecting the shares of BIOHLDG quietly, and would have another spike not long in the future.
You may not trust me now, but when the time comes, we will see!
Technical Support: 250 / 225
Technical Resistance: 295 / 325
P/S: I do not own any shares in the company and this piece serves as my technical trading diary. Cheers.