Group Lease PCL (SET - GL) : A Thai Penny Stock Fairytale

Prior to Group Lease's 2016 audited annual report published on Feb 28,  an Ernst & Young LLP auditor reviewed the financial statements and felt the need for a few disclaimers before signing off. Over nine pages of his grievances were noted expressing particular worry about intercompany loans. 

No one took the matter seriously until an opinion column in Kao Hoon newspaper appeared.

On 8 March, the company share price dropped 25.5%.

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A Thai Penny Stock Fairytale

Here is a daily chart of Group Lease. 

Using S-Trader Volumetric and Trend Tracker, the chart shows some interesting events prior to 8 Mar 2017. A saviour to the investors and traders.
  
20 & 21 Dec 2016, the share price broke and closed below 1st and final support level of S-Trader Trend Tracker, respectively. On both occasions, the price action was associated with very high amount of transaction shown by S-Trader Volumetric. An early sign of weakness triggered on these dates.

Few days later, the share price rebounded with high volume. Thereafter, it traded in range bound within Trend Tracker.

If anyone still hold on to it after the 20 & 21 Dec 2016 events, there is a final chance for them to exit their position.

On 3 March 2017, the final alert came in when the share price closed at 52.75 Baht. It dropped 7.86% with high volume traded on that day.


 
Source :
1) Metastock