Titan Trading Notes For Thursday [18/4/2024]:
KLCI finally had a decent rebound today back towards the 1540 points region after almost 1 week of continuous selling activities on the daily chart. Overall market sentiment saw a rebound as well after the panic selling activities that took place over the past few days, but daily trading volume remains relatively low around the 3.4 billion mark.
Main stocks that showed strong buying momentum would be the likes of SENDAI, NAIM, DNEX, TANCO, SUNWAY, SSB8, RGB, EATECH, JIANKUN, IFCAMSC, KPJ, and CYPARK. All of which were able to sustain their rallies throughout the day on the top volumes list.
$NAIM(5073.MY$ was definitely one of the best performers today as it managed to breakout strongly all the way towards the RM 1.10 regions with huge volume and buying momentum on the daily chart.
This came after 2 days of heavy selling activities which saw the stock retraced back towards the RM 0.855+ main support levels on the daily chart earlier. Seems like something big is brewing behind the scenes for NAIM here and could be ripe for a new uptrend continuation pattern.
Will be monitoring NAIM closely here.
$IFCAMSC(0023.MY$ despite retracing all the way back towards the RM 0.32+ main support levels on the daily chart yesterday, was able to gap up strong and breakout all the way towards the RM 0.375 regions with good volume and buying momentum today.
For now definitely looking like it's riding on a strong uptrend rally here and as long as able to sustain above its RM 0.35+ immediate support levels on the daily chart, could continue on towards and beyond the RM 0.375 - RM 0.40+ major resistance levels soon.
Will be monitoring IFCAMSC closely as seems to be trending up healthily.
Although $RL(0219.MY$ retraced all the way back towards its RM 0.295+ main support levels yesterday, was able to rebound swiftly and broke out back towards the RM 0.325 regions today with good volume and buying momentum.
RL was even able to close on its intraday high today, suggesting a potential uptrend continuation pattern here to retest its RM 0.335 - RM 0.35+ regions on the daily chart soon.
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