Glostrext is set to resume its uptrend after consolidating since 3 Apr, with a breakout above MYR0.255 resistance on Friday backed by surging volume. The strong buying interest would see the stock rising to a new YTD high near the MYR0.30 threshold, possibly reaching the MYR0.35 mark. However, a breach below the MYR0.22 support reverses the momentum, as the counter trades below the SMA line and forms a "lower low" bearish structure.

Source: RHB Securities Research - 13 May 2024