Globetronics Technology is moving sideways, touching the RM2.27 resistance level. With its 21-day moving average pointing upwards, coupled with higher trading volume, there is a good chance that it would experience a technical breakout and head towards the short-term target price of RM2.40, followed by RM2.46. The downside support is marked at RM2.10. Traders are advised to exit on a breach to avoid further losses.

Trading Call: Buy on breakout RM2.27

Target: RM2.40, RM2.46 (time frame: 2-4 weeks)

Exit: RM2.10
 

Source: AmInvest Research - 29 Jun 2021