Genetec Technology is set to propel towards the 5-month high after it underwent a breakout above the MYR2.50 resistanceturned-support last Friday – forming a “higher high” bullish pattern. Coupled with the “White Marubozu” bullish candlestick printed during the latest session, the stock is ready to propel towards MYR2.74 or 25 Mar’s high, before hitting the MYR2.97 next resistance level (28 Jan’s high). If it falls below the MYR2.30 support, the momentum may reverse direction as it forms a “lower low” bearish pattern – falling below the 21-day average line.

Source: RHB Securities Research - 15 Aug 2022