Public Bank Bhd

• PBBANK posted three white candles in a row and broke out from the 2-month ascending triangle pattern last Friday, which likely indicates the return of buying interest. With the 20-day EMA remains above the 50-day EMA since the bullish crossover in October, the uptrend may continue in the near term.

• We expect the rising momentum is set to steer the stock higher and test the next level of resistance of RM4.55 (R1), followed by RM4.75 (R2) in near term.

• On the downside, stop-loss is set at RM4.10, below the 24 Oct’s low.

Source: Rakuten Research - 4 Dec 2023

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