PPB broke above the neckline of an inverted Head-&-Shoulders

PPB rose 84 sen to RM13.12 as at 4.30pm. Volume was very high at 55,000 board lots.

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.)