KUALA LUMPUR (June 29): AllianceDBS Research said the immediate support for Globetronics Technology Bhd (Gtronic) was at RM3.04 and that Gtronic had on June 28 tested previous day’s low of RM3.08 before closing at the day’s high of RM3.17 (up 7 sen or 2.25%).

In its evening edition yesterday, the research house said Gtronic continued to trade below the 20-day and 50-day moving average lines.

“Given the way Gtronic carried itself in recent days, the stock is likely to move between RM3.04 and RM3.24 in the coming few days.

“A fall below RM3.04 should see further decline to the subsequent support at RM2.89.

“However, a rise above RM3.24 would lift the stock to the next resistance at RM3.43,” it said.

AllianceDBS Research said stock volume traded on June 28 was 240,000 shares compared to the 3-month average volume of 2.85 million shares.

The research house said that indicators wise, the MACD was below the 9-day moving average line with the sell signal remains intact.

It said the relative strength index indicated that the stock was currently in a neutral zone.