Genetec set to propel towards 5-month high, says RHB Retail Research

KUALA LUMPUR (August 15): RHB Retail Research said Genetec Technology Bhd is set to propel towards the 5-month high after it underwent a breakout above the RM2.50 resistance-turned-support last Friday – forming a “higher high” bullish pattern.

In a trading stocks note today, the research house said that coupled with the “White Marubozu” bullish candlestick printed during the latest session, the stock is ready to propel towards RM2.74 or March 25’s high, before hitting the RM2.97 next resistance level (Jan 28’s high).

“If it falls below the RM2.30 support, the momentum may reverse direction as it forms a “lower low” bearish pattern – falling below the 21-day average line,” it said.