Hurdle for Globetronics at RM4.50, says AllianceDBS Research

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KUALA LUMPUR (April 27): AllianceDBS Research said the hurdle for Globetronics Technology Bhd (Gtronic) was at RM4.50 and that Gtronic had on April 26 fallen sharply lower to RM3.87 before closing near the day’s low at RM3.89 (down 55 sen or 12.38%).

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

“Following the down close on April 26, the stock is likely to move lower again with immediate support seen at RM3.60.

“A fall below RM3.60 should see further price decline to the subsequent support zone. RM3.40 - RM3.50.

“The hurdle is pegged at RM4.50. A rise above RM4.50 would lift the stock to the next resistance at RM4.80,” it said.

AllianceDBS Research said stock volume traded on April 26 was 33.2 million shares compared to the 3-month average volume of 940,000 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 an oversold zone.