General Notes For Monday [26/12/2023]:
KLCI had a brief retracement back towards the 1454 points region with an overall mixed market sentiment as we still had over 420 counters closing red for the day.
Daily trading volume settled around the 2.96 billion range, which is just average. Main stocks that showed strong buying momentum would be the likes of SCIB, MINETEC, CHB, IWCITY, EDEN, MERSEC, MINOX, YEWLEE WA, and YTLPOWR. All of which were able to sustain their rallies throughout the day on the top volumes list.
$MINETEC(7219.MY$ had been performing quite well here over the past few weeks since its first breakout from the RM 0.060 major resistance levels, rallying all the way back towards the RM 0.14 regions with good volume last Friday.
For now looking very strong here despite briefly retracing back towards the RM 0.11+ immediate support levels during the last week. If able to sustain, could breakout towards and beyond the RM 0.14 major resistance levels for a bullish continuation pattern soon.
Will be monitoring MINETEC closely here as something big could be brewing behind the scenes.
$CHB(0291.MY$ on the other hand also performed quite well as it broke out all the way towards the RM 0.64 regions, forming a new all time high after briefly retracing back towards its RM 0.55 immediate support levels over the past week.
For now not showing any sign of weakness yet and as long as able to hold above its RM 0.60 - RM 0.625 immediate support levels, could continue on towards and beyond the RM 0.64 all time high zones soon for an uptrend continuation pattern.
Will be monitoring CHB closely here too as it seems to be one of the better performing IPO stocks here.
$MINOX(0288.MY$ since its IPO debut around the RM 0.35+ regions, had been retracing over the past 2 months here, forming a new base region around its RM 0.25+ IPO issue price over the past month here on the daily chart.
Last Friday, it managed to breakout from its RM 0.265+ immediate downtrend resistance levels and rallied all the way back towards the RM 0.29+ regions with good volume.
Seems to have formed its higher low region here already and if able to hold above the RM 0.28 immediate support, could breakout back towards the RM 0.30 - RM 0.315+ regions soon.
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