PPB surpassed its recent high

Earlier, I have posted about the strong recovery by KLK (go here) since its recent selldown. There is another stock that has done better than KLK. That stock is PPB.

From the charts below, we can see that PPB has dropped to a low of about RM6.00 in August. That's when the stock tested its medium-term uptrend line support & then it put in a scorching run over the past 5 weeks that saw the stock surpassing its April high of RM8.05 yesterday. As a rule, a stock that has made a new high is a BUY unless it reversed back immediately. I must admit that I have a lot of difficulty calling a BUY on PPB given its extreme sharp run-up.


Chart 1: PPB's daily chart as at September 20 (courtesy of Quickcharts)



Chart 2: PPB's weekly chart as at September 20 (courtesy of Quickcharts)