Since bank shares rallied in Nov and Dec 2020, PBBANK has been trading sideways for the past 6 months. Despite constant selling by EPF, the share price has sustained above RM4
Bollinger band and volatility has narrowed significantly over the past 6 months, especially in the past 4 weeks.
1st band: 14%
2nd band: 11%
3rd band: 9%
4th band: 3%
5th band: 2.5%
Quarterly results announcement in 2nd half of May.
Potential partnership with Disney+ for local content development as possible catalyst for breakout
0.60 provides a strong long term support.
Following a 2 month decline in bank stocks, FINANCE index almost touched oversold on the RSI yesterday but bounced back and broke out of its downtrend line today.
Expect banks to drive KLCI rebound after Hari Raya break and offset projected decline in glove stocks.
Top Glove is facing strong resistance at the 50% fibo level.
Rising narrowing wedge forming and nearing the tip. Volume is also decreasing. If break below trendline, expect a major selldown and breakdown to RM3.50 (23.6% fibonacci level). This is also JP Morgan's target price.