KUALA LUMPUR (Jan 24): Rakuten Trade said Glomac Bhd is poised for a potential bullish breakout from its four-month rectangular pattern, targeting to surpass the immediate resistance of 36.5 sen.

In a technical view note on Wednesday, the research house said that in view of the stock posting four consecutive white candles, coupled with the 20-day exponential moving average starting to turn upward, a positive outlook can be expected here.

“In the event it breaks above the 36.5 sen neckline, this will improve market sentiment and should lift the stock towards the subsequent level of 39 sen (R1), followed by 42 sen (R2).

“On the downside, stop-loss is set at 33 sen, below Dec 11’s low,” it said.