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Tuesday, November 7, 2017

Best World - Weakness Before 3Q results tomorrow. Buying opportunity or an "Ominous"Sign?

Best World - . In August this stock survived a China Goverment crackdown on "Pyramid Scheme" . After plunging from 1.64 to 0.95, its has since recovered to 1.50. Today, it fell ahead of 3Q results on 8 Nov due after trading hour.  Is this another "Flushed"  the  BB is using to collect more stock for a good set of results or  an " Ominous" sign of bad news in the making?
Well, from the price action today things certain don't look promising with selling persisting throughout  the day on significantly high volume of 9m shares . This weakness came on a bullish backdrop with STI gaining nearly 1%. From the charts , it close below its strong support of 1.42 and could head towards its next stop at 1.30 and 1.25. If the results is significantly below expectation 1.10  is on the cards.
A spillover of the China's campaign on  illegal pyramid schemes and high Capex  cost from building new manufacturing plants could cause a drag to its revenue.
All posts and charts are for educational and illustration purposes only

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