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Globetronics grossly oversold, says HLIB Research
by Cals Fri 29 Apr 2016, 05:08
Globetronics grossly oversold, says HLIB Research
By theedgemarkets.com / theedgemarkets.com | April 28, 2016 : 8:43 AM MYTKUALA LUMPUR (April 28): Hong Leong IB Research has rated Globetronics Technology Bhd a “Trading Buy” and said the sharp decline in share price was oversold.
In a trading idea note today, the research house said yesterday’s small Doji candlestick signaled to aggressive traders that the sharp downtrend could be over and that short positions could potentially be covered.
"Hence, we recommend a Trading Buy on Globetronics with technical upside resistances of RM4.16, RM4.38 and RM4.57 (long-term objective).
“Immediate supports are at RM3.80 and RM3.72. Cut loss below RM3.67,” it said.
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