Globaltec likely to stage rebound, says RHB Retail Research

Globaltec likely to stage rebound, says RHB Retail Research
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KUALA LUMPUR (Oct 20): RHB Retail Research said Globaltec Formation Bhd is likely to stage a rebound, as it bounced off the support during a pullback, to hit its recent high of 68.5 sen on higher volume.

In a trading stocks note on Wednesday, the research house said if the stock breaches above this level, bullish momentum may propel the stock towards August’s high of 76 sen, followed by the 79.5 sen resistance level, or its 52-week high.

“However, a fall below the 63.5 sen support – forming a “lower low” structure – may reverse the momentum,” it said.