We expect further upside for Globetronics Technology after it pushed above the RM1.70 resistance and hit a new 52-week high a few sessions ago. As the stock also broke out of the 3-week bullish flag pattern, it may see additional strength in the near term. A bullish bias may emerge above the RM1.70 level, with a stop-loss set at RM1.58, below the 50-day EMA. Towards the upside, the near-term resistance level is seen at RM1.90, followed by RM2.00.

Entry : RM1.70–1.77

Target : RM1.90, RM2.00

Exit : RM1.58

Source: AmInvest Research - 15 Dec 2023