Titan Trading Notes For Monday [22/4/2024]:
KLCI had a decent rebound back towards the 1547 points region despite widespread panic over global indices on the Israel-Iran war news. Although KLCI was green, the overall market was still in fear mode as we saw over 900 counters closing red for the day. Daily trading volume saw a surge back towards the 4.7 billion but unfortunately was dominated by selling activities.
Main stocks that showed strong buying momentum would be the likes of PMHLDG, YTL, MCLEAN, BAHVEST, HIBISCS, and PERDANA. All of which were able to sustain their rallies throughout the day on the top volumes list despite the weak market sentiment.
$PMHLDG(1287.MY$ since breaking out from its RM 0.19+ main downtrend resistance, had been able to hold quite well above this region and was able to breakout towards the RM 0.21+ regions with good volume and buying momentum despite the panic selling activities.
For now looking quite strong here and as long as able to hold above its RM 0.20+ immediate support levels, could continue on this uptrend towards the RM 0.24 - RM 0.25+ regions in the coming weeks.
Will be monitoring PMHLDG closely here to see how this develops.
$PERDANA(7108.MY$ despite the weak market sentiment, was able to hold quite well above its RM 0.32+ main uptrend support levels on the daily chart here and looks quite ripe for a potential rebound back towards the RM 0.35 - RM 0.365+ regions.
This stock had been consolidating and retracing from its RM 0.365 local high levels over the past month and seems to have formed a higher low region already on the daily chart.
Will be monitoring PERDANA closely here as seems to be on a mid-long term uptrend.
$EPICON(4847.MY$ since breaking out towards the RM 0.495 regions, had been retracing over the past few weeks here and retraced all the way back towards testing its RM 0.395+ main uptrend support levels on the daily chart here.
During Friday, we saw huge buying momentum after lunch which saw the stock rebounded back towards the RM 0.415 levels with good volume. If able to hold a higher low region here, could continue on towards and beyond the RM 0.43 RM 0.45+ regions soon.
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