Globetronics Technology retreated after failing to break above the resistance price of RM2.20. With an RSI level above 60%, the uptrend momentum may resume if it breaks above the resistance price of RM2.20 in upcoming sessions. If this happens, its shortterm target price will be RM2.30, followed by RM2.37. The support price is anticipated at RM2.13, whereby traders may exit on a breach to avoid the risk of a further correction.

Trading Call: Buy upon breakout above RM2.20

Target: RM2.30, RM2.37 (time frame: 3-6 weeks)

Exit: RM2.13

Source: AmInvest Research - 16 Dec 2019