GOB’s technical picture turned bullish after the share price broke above its resistance level at RM0.825. While the chart has confirmed a “Bullish Pennant” formation, trading volume notably been increasing for the past few trading sessions. The increasing trading volume coupled with the positive readings from leading indicators led us to believe that GOB is well positioned to resume its uptrend. Traders who look to buy into the stock should target to take profit at RM1.17 (representing 3 bids below measurement objective) for a respectable 26.5% gain. Meanwhile, a protective stop-loss should also be placed at RM0.81 (3 bids below support).

 

Source: Kenanga