Update: Tebrau - Take Some Profit

Tebrau looks like it may finally take a breather & correct its overbought position. On 10 July it formed a "Shooting Star" in its daily candlestick chart because the bulls tried to rally the stock to a high of 0.725 before it fell back to 0.645 giving it a mere 3 sen gain. While a shooting star is not a major trend reversal pattern (according to Nison, see posting on books), it CAN and often does portend a reversal especially when a stock has risen as much as Tebrau.

However the next day's candle is important. If it opens up and continues to rise, then the correction may be delayed. This can be seen in the red circle marked 'B' in the chart where a shooting star pattern on 9 May did not lead to an immediate fall. However the SS on 2 May (C)led to a short correction, then the rise continued.

So short term traders should take profit today if prices fall early on, while long term holders might just take profit on some stocks while holding on to some for the next rally.

I believe Tebrau will continue to rise again after a short correction. RSI is at 85, overbought territory but still with space to go up.