From the chart, it looks like the stock has broken above the neckline (R1-R1) of its inverted Head-&-Shoulders formation at RM12.60. It is now pressing against the horizontal resistance at RM13.25 which happens to be the intermediate downtrend line, RR.
The breakout above the inverted H-&-S formation is a reverse pattern to the preceding downtrend. This could mean that PPB is about to rally into its next upleg.
Based on this technical reading, PPB could be a good trading BUY.
Chart: PPB's daily chart as at Mar 15, 2013_4.30pm (Source: Quickcharts)
Note:
In addition to the disclaimer in the preamble to my blog, I hereby confirm that I do not have any relevant interest in, or any interest in the acquisition or disposal of, PPB.
(PPB eased back to close at RM12.68 with more than 21,000 board lots matched.)
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