Recall that we highlighted GBGAQRS last month (10 April @ 93 sen) when the share price formed a “Morning Doji Star” and the RSI was in deep oversold regions. Since then, the share price rebound has surpassed even our most optimistic expectations. In fact, GBGAQRS rose to as high as RM1.11 recently (76.4% of the Fibonacci Retracement level) within a short span of a month, offering a decent 19% gain. Yesterday, the share price ended at RM1.08, down by 1 sen. Strong resistance has formed at RM1.11, and upside appears limited from here. Hence, we suggest that traders consider taking some money off the table for now.

 

Source: Kenanga