Public Bank - is it time to buy now ?

For the past few months, one of the darlings of Malaysian stock: Public Bank has been trading lower.
This is one of the banking stocks that I have been monitoring for quite some time.
We all know that Public Bank has one of the best business models in Malaysia.
The management has been very prudent in managing the company for many years.

Do you think this is the best time to accumulate the stock?

Let's look at some technical analysis for Public Bank.


Technical Analysis (Resistance & MACD Level):



Looking at the current price level, it seems that the price is below the 50 EMA.
Short term wise, it is not seeing any breakthrough yet, as 50 EMA is acting as a resistance still.
The share price is just cruising along the 50 EMA.
If it is able to break this price level in the coming week, maybe it can start to rally again.

Volume to push it up is not seen yet as well.

MACD is also starting to go back to the selling point.

Long term wise, the price is still below the 150 EMA and 200 EMA.
It still has a long time before it can start to go back to the long term uptrend.
The overall trend now is on the downtrend.

Furthermore, the EMA 50, EMA 150 and EMA 200 is all sloping down as well.
No sign of recovery is on the horizon yet.


Renko Chart Analysis



However, Renko Chart does see some attempt to bounce back.
If the trends continue, can start to slowly accumulate, if the price also breaks the EMA lines.


For now, the best thing to do is to continue to monitor.
Best to put this in your watchlist, as Public Bank is known to have good asset quality and management.

Conclusion.
Public Bank is a good fundamental business, however, the current price trend is still on the downtrend for a while based on technical analysis.
Investors are advised to monitor Public Bank and accumulates slowly for long term investment.
With about 3.52% dividend yield at this level, it can be a good source of dividend income for income investors.

Happy investing.