Glomac Bhd (Glomac, 5020)

• GLOMAC is poised for a potential bullish breakout from its four-month rectangular pattern,targeting to surpass the immediate resistance of RM0.365. In view of the stock posting 4 consecutive white candles coupled with the 20-day EMA starting to turn upward, a positive outlook can be expected here.

• In the event it breaks above the RM0.365 neckline, this will improve market sentiment and should liftthe stock towards the subsequent level of RM0.39 (R1), followed by RM0.42 (R2).

• On the downside, stop-loss is set at RM0.33, below 11 Dec’s low.

Source: Rakuten Research - 24 Jan 2024

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