PPB dropped 16.0sen (-0.89%) to end the day at RM17.92.
Based on the chart, the longer-term uptrend is still firmly intact despite today’s loss.
Yesterday’s drop is viewed as a good accumulation point for investors as the momentum indicators are still in healthy mode and the share is leading key SMAs upward.
Expect the share to continue heading towards RM18.70 (R1) with further resistance found at RM19.93 (R2). Any downside movement is likely temporarily with a firm support level found at RM17.47 (S1). A drop below RM16.70 (S2), however, would be highly negative.
SSTEEL (Not Rated)
SSTEEL slipped 7.0 sen (3.4%) to close at RM1.97.
From an intraday perspective, nibbling activities in the last trading hour provided some price support forming a long bottom shadow candlestick.
Display of MACD divergence suggesting that price may be in the midst of bottoming out. S1 should offer some support at RM1.95. However, bargain hunters may consider positioning for a rebound closer to the S2 at RM1.80.
Expect rebound play with price advancement towards RM2.05 (R1) and RM2.20 (R2) further up.
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