RHB Retail Research
Trading Stocks - Globaltec Formation
Globaltec Formation is likely to stage a rebound, as it bounced off the support during a pullback, to hit its recent high of MYR0.685 on higher volume. If it breaches above this level, bullish momentum may propel the stock towards August’s high of MYR0.76, followed by the MYR0.795 resistance level, or its 52-week high. However, a fall below the MYR0.635 support – forming a “lower low” structure – may reverse the momentum.
Source: RHB Securities Research - 20 Oct 2021
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