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Globaltec consolidating in downtrend, says AllianceDBS Research

TheEdge Thu, Apr 04, 2019 07:52am - 10 months ago

KUALA LUMPUR (April 4): AllianceDBS Research said Globaltec Formation Bhd (Glotec) had on April 3 tested previous day’s low of 45.5 sen before closing at the day’s high of 46.5 sen (up 1 sen or 2.19%).

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

“Following the up close on April 3, the stock is likely to move higher with immediate hurdle at 47 sen.

“A crossover of 47 sen should see further price rise to the next overhead resistance zone, 48 sen – 50 sen.

“The support is pegged at 45 sen. A fall below 45 sen would put pressure on the stock down to the subsequent support at 42 sen,” it said.

AllianceDBS Research said stock volume traded on April 3 was 180,000 shares compared to the 3-month average volume of 690,000 shares.


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