Public Bank Bhd (1295)

• PBBANK closed 22 sen or 0.98% lower to RM22.20 on Monday.
• Year-to-date, share price has dropped 10.3% and is currently trading near its 52-week low. We believe PBBANK is oversold as evidenced by the signals from both RSI and stochastics key momentum indicators hence offering opportunity to accumulate.
• As such, resistance levels are expected at RM23.00 (R1) and further to RM23.90 (R2).
• On the contrary, support levels are found at RM22.02 (S1) and RM21.20 (S2).

Source: Rakuten Research - 31 Jul 2019