Titan Trading Notes For Friday [26/4/2024]:
KLCI had a brief retracement as it closed back red around the 1569 points region with an overall mixed market sentiment with more than 580 counters closing red for the day. Daily trading volume remains healthy around the 3.9 billion mark.
Main stocks that showed strong buying momentum would be the likes of BJCORP, MYEG, RGB, YTL, TOPMIX, NOTION, NAIM, JCY, CUSCAPI, BJLAND, and TAS. All of which were able to sustain their rallies throughout the day on the top volumes list.
$RGB(0037.MY$ was definitely one of the best performers today as it managed to breakout all the way towards the RM 0.405 regions with good volume and buying momentum here on the daily chart despite being overbought.
So far not showing any sign of weakness yet and if able to hold above its RM 0.37 - RM 0.38+ immediate support levels, could continue on towards and beyond the RM 0.405+ regions for a stronger uptrend continuation pattern.
Will be monitoring RGB closely here.
$NAIM(5073.MY$ on the other hand also performing quite well as able to breakout from its RM 0.90+ main resistance levels and since the past weeks, been able to hold strongly above it despite the weak market sentiment.
For now as long as able to hold above its RM 1.02 immediate support level on the daily chart, could continue on towards breaking out from its RM 1.12+ local high levels for a bullish continuation pattern.
Will be monitoring NAIM closely.
$WENTEL(0298.MY$ since retracing all the way back towards the RM 0.285+ levels, had been able to bounce strongly over the past week and today, was able to breakout back towards the RM 0.335 levels.
For now holding quite well above its RM 0.315+ immediate support levels and could start to trend up towards the RM 0.345 - RM 0.37 major resistance levels soon in the coming weeks here.
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