Globetronics Technology broke out from a 4-month bullish triangle pattern yesterday, implying that its previous uptrend may have resumed. As its 20-day and 50-day EMAs are converging now and are likely to turn up in the near term, buying momentum is rising. A bullish bias may emerge above the RM1.50 level, with stop-loss set at RM1.43, below the 50-day EMA. Towards the upside, near-term resistance level is seen at RM1.70, followed by RM1.80.

Entry : RM1.50–1.58

Target : RM1.70, RM1.80

Exit : RM1.43

Source: AmInvest Research - 7 Nov 2023