CIMB Equities Research said Public Bank’s share price appears to be forming a bearish wedge pattern. It is now testing its wedge resistance for the third time in the last six months.
The research house said on Monday, July 19 that Public Bank’s MACD and RSI continue to show a slowdown in buying momentum with each try, raising concerns about the sustainability of this run.
“We do not discount the fact that prices could still push above the wedge resistance but it is not likely to last.
“Use any further run to unload on strength. Wedge resistance is at RM12.20 while the next resistance is at RM12.40. Closing below its moving average at RM11.80 would see prices fall towards its wedge support at RM11.50” it said.
Written by CIMB Equities Research
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