Lii Hen dropped 36 sen (-19%) to close at Rm 1.51 today. Over the weekend Lii Hen announced its second quarter earning of 4.33 sen per share, 60% lower than its first quarter earning of 10.43 sen.
It opened with a gap down and it punched through the lower support at Rm1.63 to form a 'bump and run reversal top' pattern which is very bearish.
With the 36 sen drop, it goes below the neckline of its ' Inverted head and shoulders' pattern.
If the current drop is the wave 4 drop, then it should be able to hold above the top of wave 1 at Rm 1.41, another 10 sen to go.
If it goes below Rm1.41 then it is possible that it is forming a big A-B-C corrective wave.
Looking at the way the the stock is being sold today, besides the quarterly earning announcement, is there anything that the sellers know that we don't know ?
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1 comment:
Pls read the rationale overhanging the stock on www.liihen.com
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