RHBBANK (1066): Bullish

Pattern: Cup & Handle Breakout

Based on RHBBANK's weekly chart above, RHBBANK formed a cup and handle pattern last for 1.5 years and broke out the neckline in March 2017 with strong volume. Subsequently, RHBBANK retested the neckline as part of the standard operating procedure to confirm its bullish intent.

The overhead resistance is boxed in red, which is around 6.9-7.0.

As seen on RHBBANK's daily chart, the handle (or the rounding bottom) has formed nicely and the breakout movement is accompanied by strong volume.

Based on the pattern projection, the target price for RHBBANK are 6.10, 6.70 & 7.70.

Among the bank stocks I analyzed in the past:

• MAYBANK Long Term Double Bottom Breakout Hitting All Time High
• AFFIN Rounding Bottom Breakout With Strong Accumulation

I prefer RHBBANK the most because it shows the strongest bullish intent among others. 

Having said that, the run up of the banks and technology sectors provides another level of confidence on this incipient phase of the bull run of KLCI, based on the sector rotation theory.

I am bullish on RHBBANK when it is trading above 5.0.

Leave me a comment below and let me know what you think. If you have any queries or want to share the next big stock with me, feel free to contact me via my email or FB page below.

Topics That You Do Not Want To Miss

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Cheers,

Ming Jong

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