Globetronics may rebound further after it tested the MYR2.20 support in its latest session. Yesterday’s white candle has engulfed the prior one to form a “Bullish Engulfing” pattern, implying a potential rebound. A bullish bias may appear above the MYR2.40 level, with an exit set below the MYR2.20 threshold. Towards the upside, the near-term resistance is at MYR2.60. This is followed by the MYR2.80 level.

Source: RHB Securities Research - 12 Oct 2018