Daily technical highlights – (CAB, PBBANK)

CAB (Not Rated)

• Yesterday, CAB dropped 1.0 sen (-2.02%) to close at RM0.485.
• Chart-wise, the stock has broken above all the key SMAs and the significant down trend-line, supported by heavier-than average trading volume.
• Besides, its bullish crossover from the MACD indicator further confirms the trend reversal, hence we believe that the stock could move higher.
• We look towards resistance levels at RM0.61 (R1) and RM0.66 (R2). Conversely, support levels can be identified at RM0.45 (S1) and RM0.40 (S2).

PBBANK (Not Rated)

• PBBANK gained 90.0 sen (+4.64%) to end at RM20.30 yesterday.
• Chart-wise, the stock has broken above the 20- and 50-day SMAs yesterday following a positive divergence between the price and MACD indicator.
• The formation of a long bullish candlestick backed by the higher-than-average trading volume further confirms the trend reversal.
• Should the share head north, key resistance levels can be seen at RM21.00 (R1) and RM21.70 (R2).
• Conversely, downside supports can be identified at RM19.10 (S1) and RM18.40 (S2)

Source: Kenanga Research - 1 Nov 2019