Globetronics Technology is resuming its upside movement after breaking past the resistance with a high volume. We observed the stock has climbed above the 21-day SMA line and surged past the MYR1.50 resistance – confirming a bullish setup. The renewed momentum should propel the stock towards the next resistance pegged at MYR1.60, followed by MYR1.70. On the downside, falling below the MYR1.42 support will negate the bullish setup.

Source: RHB Securities Research - 6 Nov 2023