GTRONIC – RM1.59 FIRM BUY (TECHNICAL)
(Stock Code: 7022)
Globetronics Technology Berhad (GTRONIC) through its subsidiaries, manufactures and assembles integrated circuits, optoelectronic products, technical ceramic substrates, ESD protective materials, small outline components, and technical plating services and packaging materials. It also sells computer hardware and software.
Recommendation
GTRONIC reached its Wave 3 high of RM1.66 in March 2010 and has since consolidated within a Symmetrical Triangle. With the positive indicators above and high volume yesterday supporting our upward and Symmetrical Triangle breakout view, GTRONIC has excellent potential to trend higher and test our resistance areas of RM1.66 and RM1.83.
FIRM BUY (TECHNICAL) on dips for GTRONIC with firmer support areas at RM1.37 and RM1.59 and potential upside target areas of RM2.03 and RM2.40. Stop-loss is at RM1.35.
by Maybank IB
