Titan Trading Notes For Thursday [23/5/2024]:
KLCI had a brief retracement, closing red around the 1622 points region during Tuesday with an overall negative market sentiment as we saw over 700 counters closing red along with it. Daily trading volume also saw a dip back towards the 5.4 billion mark as the sellers took control.
Main stocks that showed strong buying momentum would be the likes of FEYTECH, YNHPROP, NOTION, SIMEPROP, SENDAI, IFCAMSC, TANCO, ORGABIO, YTL, and RAPID. All of which were able to sustain their rallies throughout the day on the top volumes list.
$YNHPROP(3158.MY$ after consolidating for over the past 2 months with RM 0.435+ as the main support levels, had a sudden and strong breakout all the way towards the RM 0.54 major resistance levels with huge volume and buying momentum.
That said, it was still met with fierce selling resistance above the RM 0.50+ regions which saw the stock close back towards the RM 0.475 regions. For now, as long as able to stand above its RM 0.455+ immediate support, could continue on this potential larger rebound wave here.
Will be monitoring YNHPROP closely.
$IFCAMSC(0023.MY$ since breaking out from its RM 0.44+ major resistance levels last week, had been breaking out strong and rallied all the way towards the RM 0.55 regions, forming a new local high here.
For now despite being quite overbought, as long as able to hold above its RM 0.51+ immediate support levels, could continue on this strong parabolic rally towards the RM 0.60+ regions soon.
Will be monitoring IFCAMSC closely as something big seems to be brewing here.
$ADB(0276.MY$ since retracing back towards the RM 0.97+ immediate support levels, was able to breakout towards the RM 1.02 regions during Tuesday with relatively good volume and buying momentum here.
So far looking quite ripe for an uptrend continuation as long as able to sustain above its RM 1 immediate support levels on the hourly chart, could breakout from its RM 1.04 all time high levels soon.
$RGB(0037.MY$ since retracing back towards its RM 0.37+ main support levels on the daily chart over the past month, had been able to hold a steady higher low region there and been breaking out over the past few trading days.
For now testing the RM 0.44 regions here with good volume and buying momentum. As long as able to sustain above its RM 0.42+ immediate support levels, could continue on strongly here.
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