Globetronics Technology rebounded from its low to challenge the immeidate resistance level of RM1.64. With a neutral RSI level, it may move higher above this mark with a target price of RM1.77, followed by RM1.89. Meanwhile, it may drift sideways if it fails to cross the RM1.64 mark in the near term. In this case, support level is anticipated at RM1.52, whereby traders may exit on a breach to avoid the risk of a further correction.

Trading Call: Buy on continuation above RM1.64

Target: RM1.77, RM1.89 (time frame: 3-6 weeks)

Exit: RM1.52

Source: AmInvest Research - 29 May 2019