Genetec Technology Bhd (GENETEC, 0104)

• Share price closed 1.98% higher at RM2.57 on last Friday.

• GENETEC broke out from its RM2.54 resistance level last Friday with strong buying interests.Accompanied by a decent 3QFY22 quarterly results, it is poised for next breakout at RM2.59. Furthermore, a bullish MACD crossover and positive indicators indicate an uptick in momentum, suggesting that the share price is expected to trend higher.

• Resistance levels are identified at RM2.59 (R1) and RM2.68 (R2).

• On the flipside, support levels are pegged at RM2.35 (S1) and RM2.17 (S2).

Source: Rakuten Research - 6 Jun 2023

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