VV closed at RM1.10, up 5c (4.76%) with 91.91M volume.
Interests in VV spiked as traders reevaluate the company after its MASSIVE RM3.79 billion contract to supply sand to CCCC consortium for the construction of Hong Kong International Airport Three Runway System Project.
Traders brought the shares up to as high as RM1.23 before closing at RM1.10. Short term traders sell on news to take profit and as market sours. KLSE closed today at 1567.14 points, down 10.61 points (0.67%).
Despite that, VV’s price remains strong throughout the day. As mentioned previously, VV is now a totally different beast whereby it now has strong support at every single price level.
From the looks of the buy/sell queue, 1.08-1.10 seems to be the immediate support whereas the resistance remains at 1.22.
Traders are still digesting the financial implication of such HUGE contract to find out the fair value.
It is said that VV’s fair value is RM3.00 according to a research published: https://klse.i3investor.com/bl
This translates into 173% upside from current price.
In short, smart money are accumulating the shares at this price level as it is an absolute bargain to be able to enter VV at this price.
VV: Break 1.10, likely will filling the gap to form wave c/2, support zone 1.05-1.10!
Hold well will end the correction on 2 and new wave 3 will emerge and heading to break 1.20 to reach target of 1.50.
Eliott wave chart pattern very well developed! We have to be patient and i have faith on it will cross 1.20 and heading to 1.50
Followed by 1.80 and we go for longer correction to prepare to cross 2.0 and go 2.50!
Chart pattern is developing very well. The price has been climbing in a steadfast and steady pattern with higher highs and higher lows achieved constantly.