Oceancash (0049) - the ocean no more cash and crashing ? [Coronavirus effect]

Oceancash (0049) was a hot stock for the past few days due to the coronavirus effect.

As this is a hygiene related counter, the stocks got a huge volume of interest, quite a similar trend with the top rubber and gloves counters.


Monthly Chart

With the price shoots up so high in a single day, we know this is not sustainable.

The business did not change in a night.

The euphoria is just too high.

Fast in, fast out.





Volume Analysis

We can see that volume is very low before 27 Jan 2020.

On 27 Jan 2020, the price gap up.

But on 28 and 29 Jan, the price drops immediately.

Volume is also decreasing, which shows that no more buyer already.








Technical Analysis - Heikin Ashi Candlestick Chart


We can see that the price is on the downtrend.

Many traders are taking quick profit today.

We suggest investors not to chase this stock.

A very dangerous play unless you have a clear and defined entry and exit rules.






For more info about other rubber and gloves counter latest analysis from the coronavirus impact, please check out the below. All analysis is fresh from this week price action trend.

>>> Top Glove

>>> Kossan

>> Supermax

>> Hartalega


With such a huge a sudden huge demand for gloves all around the world, it seeems that all glove counter will continue to be hot.

Reference:
https://www.klsescreener.com/v2/stocks/view/0049/oceancash-pacific-berhad

Check out here for the Wuhan Coronavirus details >> Wuhan Coronavirus


#coronavirus #wuhan #china #glove #bursamalaysia #topglove #kossan #supermax

Happy Investing! 😉