Globetronics taking a breather, says AllianceDBS Research

Globetronics taking a breather, says AllianceDBS Research

Globetronics taking a breather, says AllianceDBS Research

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KUALA LUMPUR (March 7): AllianceDBS Research said Globetronics Technology Bhd (Gtronic) had on March 6 traded within previous day’s range to form an inside day bar before closing near the day’s low at RM5.62 (up 9 sen or 1.62%).

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

“The inside day bar indicated a breather in the game play.

“Following the up close on March 6, the stock is likely to move higher with immediate hurdle at RM5.80.

“A crossover of RM5.80 should see further price rise to the next overhead resistance zone, RM5.90 – RM6.10.

“The support is pegged at RM5.50. A fall below RM5.50 would put pressure on the stock down to the subsequent support zone, RM5.00 – RM5.35,” it said.

AllianceDBS Research said stock volume traded on March 6 was 3.16 million shares compared to the 3-month average volume of 860,000 shares.