Naked Chart Trading: GTRONIC 7 Jun 2024

GTRONIC's share prices jumped in the past 2 days, resulted in nearly 18% gains within 2 trading days, but lack of momentum today. Can GTRONIC closed above RM1.54 and trigger more upside?

Long term view, GTRONIC is in a large sideway trend as there is no clear signal on where it gonna head next. Short term view, the share prices testing rebound in a sideway range. I drawed a Fibo analysis from May 2023 low to Dec 2023 high.

GTRONIC is testing 61.8% currently around RM1.50 level. Next resistance levels are RM1.80 and RM2.10, while support levels are RM1.40, RM1.20 and RM1. Pending breakout RM1.40 or RM1.50 level. I would say RM1.50-RM1.55 served as a strong short term resistance level to GTRONIC, that why I watching for any potential reboudn end signal here.

Disclaimer
This content is for reference only and does not constitute any investment advice, and past performance is not indicative of future performance. Returns will vary, and all investments carry risks, including loss of principal. Please make your own investment decisions.