Genetec Technology has been consolidating sideways beneath the immediate resistance level of MYR6.00. With the share price moving steadily while trading volume decreasing, selling pressure seems to be diminishing. If the breakout above the resistance happens, we think the stock may scale higher towards the next resistance level pegged at MYR6.70, followed by MYR7.40. A downside breach of the MYR5.30 support level would negate this expectation and see a share price correction.

Source: RHB Securities Research - 26 Feb 2021