General Notes For Tuesday [2/1/2024]
KLCI retraced back towards the 1454 points region on Friday, closing slightly red to end the year of 2023. Overall market sentiment can be considered a positive one and daily trading volume was also great at around 4.66 billion.
Main stocks that showed strong buying momentum would be the likes of GOCEAN, DATAPRP, LEFORM, DGB, BENALEC, PESTECH, MERSEC, IRIS, KOMARK, & EDEN. All of which were able to sustain their rallies throughout the day on the top volumes list.
$GOCEAN(0074.MY$ was definitely the main star for the day as it broke out strong from its RM 0.125+ major resistance levels and rallied all the way towards the RM 0.275 regions with huge volume and buying momentum.
Although it wasn't able to close on its intraday high of RM 0.275, its closing price at RM 0.225 was still a pretty strong sign here. As long as it's able to hold above the RM 0.20 immediate support, could continue on towards and beyond the RM 0.25 - RM 0.27+ regions soon for a parabolic rally.
Will be monitoring GOCEAN closely here as the market is focusing on high volume ultrapenny counters.
$PESTECH(5219.MY$ since breaking out towards the RM 0.395 regions, had been retracing over the past 3 months here with RM 0.275+ as the main support levels on the daily chart.
During last Friday, it had a strong breakout from its RM 0.315+ main downtrend resistance levels and rallied all the way towards the RM 0.34+ regions with good volume. For now still looking quite strong here and could trend back towards the RM 0.35 - RM 0.39+ regions soon for a bullish continuation pattern.
Will be monitoring PESTECH closely here.
$BIOHLDG(0179.MY$ since its earlier breakout towards the RM 0.12 levels, had been consolidating and retracing over the past month here with RM 0.10+ as the main support regions on the daily chart.
So far being able to hold above the RM 0.10 main support regions is a very strong sign that a higher low had been formed already. If able to breakout from its RM 0.11 immediate resistance levels, could breakout back towards the RM 0.12 - RM 0.13 major resistance levels soon for an uptrend continuation pattern.
BIOHLDG could benefit from the upcoming penny stock and/or healthcare themes.
I expect the coming week to be mainly driven by high volume ultrapenny stocks and will be monitoring closely for trading opportunities to make a good profit.
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