Greatech Technology Bhd (GREATEC, 0208)

• Share price closed 0.65% higher at RM4.65 on last Friday.

• GREATEC has been hovering within in the range of RM4.38 to RM4.77 over the past month. It broke out from its current share price two days in a row since last Thursday with high buying volume, before settling at its current share price. Fundamentally, GREATEC posted a commendable 2QFY23 result with its PAT surged 52.2% YoY mainly attributable to the increased revenue contribution from Production Line System in the life science and solar industries. MACD is poised for potential crossover for the near future, thus share price is expected to propel higher.

• Resistance level are identified at RM4.77 (R1) and RM4.98 (R2).

• On the flipside, support levels are pegged at RM4.43 (S1) and 4.38 (S2).

Source: Rakuten Research - 28 Aug 2023

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