GFM Services Bhd (0039)

• GFM closed unchanged at RM0.445 yesterday.
• Technically, GFM’s share price is currently trading at an oversold region as evidenced by the key momentum indicator. Coupled with recent stellar quarter results and solid orderbook, we expect buying momentum to be stronger hence prevailing share price level provides an opportunity to accumulate the stock.
• From here, resistance levels are expected at RM0.485 (R1) and further to RM0.510 (R2).
• On the flipside, support levels are found at RM0.420 (S1) and RM0.365 (S2).

Source: Rakuten Research - 24 May 2019