KLSE Stocks Review

GLOTEC (5220) The Story behind the Chart of GLOBALTEC FORMATION BERHAD

ChartStory72
Publish date: Thu, 22 Jul 2021, 07:39 PM
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Glotec 5220
 
Overall before the large rally, prices are in a ranging uptrend with multiple collections going on, hiding in plain sight. The most obvious one would the one shown above. The confirmation for the push would the the breakout from the Triangle. 
 
Prices rallied all the way up and found support on the previous Fibonacci Resistance level and turn that Level into a Support. Yesterday we can see that prices rallied all the way up towards the Multi Fibonacci Resistance Level and saw some rejection.
 
This is a prove that the bankers are respecting that level for now and if prices are able to break that level then a continuation uptrend will happen. However, if prices are unable to break that level then a short term downtrending will happen. Perhaps back towards the previous Resistance turn Support again. 
 
Industry: Industrial Materials, Components & Equipment.
 
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