Genetec Technology is staging a technical breakout, as it bounced upwards following a recent pullback – heading towards the immediate resistance of MYR2.74. Coupled with a “White Marubozu” bullish candlestick printed last Friday, if buying pressure follows through and pushes the price past the immediate resistance, it may travel towards the next resistance of MYR2.97, followed by MYR3.36 or the YTD high. Meanwhile, a fall below the next support level of MYR2.45 may trigger the resumption of a downward correction, as it would form a “lower low” bearish structure.

Source: RHB Securities Research - 4 Apr 2022