Public Packages Holdings Bhd (PPHB, 8273)

• PPHB may trend higher after breaking out from its five month ascending triangle pattern with a longwhite marubozu candlestick yesterday. The increased trading volume also sent share price to a new 52 week high. Given the supportive technical reading in RSI and EMA, the uptrend may continue in the near term.

• We expect the rising momentum to steer the stock higher and test the next resistance of RM0.92(R1), followed by RM1.00 (R2).

• On the downside, stop-loss is set at RM0.78, below the 50 day EMA.
  

Source: Rakuten Research - 30 Apr 2024

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