Public Bank’s uptrend may be extended after it breached the MYR4 resistance on strong volume. The stock has charted a long bullish candlestick and crossed above the 21-day SMA line, which indicates that the positive momentum is picking up pace again. Should the price action follow through, it may climb towards next resistance of MYR4.15, followed by MYR4.30. On the other hand, falling below the MYR3.88 support would nullify this expectation.

Source: RHB Securities Research - 8 May 2023