Public Bank Bhd (PBBANK, 1295)

• PBBANK may trend higher after it hit a new 52-week high yesterday breaking out from its fourmonth triangle pattern. With the stock pulling further away from all the EMAs coupled with four consecutive white candles, the uptrend may continue in the near term.

• We expect the rising momentum to steer the stock higher and test the next level of resistance of RM4.77 (R1) and RM5.16 (R2) in the near term.

• On the downside, stop-loss is set at RM4.23, below the 50-day EMAs.
  
  

Source: Rakuten Research - 22 Feb 2024

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