KUALA LUMPUR (May 6): AllianceDBS Research said Globetronics Technology Bhd (Gtronic) is looking for stabilisation and Gtronic had on May 5 traded marginally higher to RM3.57 before closing at RM3.44 (down 7 sen or 1.99%).
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 May 5, the stock is likely to move lower with immediate support seen at RM3.33.
“A fall below RM3.33 should see further price decline to the subsequent support at RM3.12.
“The hurdle is pegged at RM379. A rise above RM3.79 would lift the stock to the next resistance zone, RM3.95 – RM4.00,” it said.
AllianceDBS Research said stock volume traded on May 5 was 6.90 million shares compared to the 3-month average volume of 2.40 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 an oversold zone.
GTRONIC (7022) - Globetronics looking for stabilisation, says AllianceDBS Research
http://www.theedgemarkets.com/my/article/globetronics-looking-stabilisation-says-alliancedbs-research
