Global Oriental is set for an uptrend continuation as it broke above the MYR0.325 resistance last Friday on strong trading volume – reversing the profit taking momentum held last Thursday. Coupled with the “higher high” bullish structure, the stock is expected to climb further towards the MYR0.37 resistance of 2 Jun’s high, and then the MYR0.39 resistance, which was 30 May’s high – also the 52-week high. If it falls below the support level of MYR0.29, the stock may trend downwards as it trades below the 21-day average line.

Source: RHB Securities Research - 5 Jul 2022