Titan Trading Notes For Thursday [7/3/2024]:
KLCI retraced briefly back towards the 1531 points region with an overall negative market sentiment today as we saw over 580 counters closing red along with it for the day.
Main stocks that showed strong buying momentum would be the likes of NOTION, PWRWELL, TDM, DIALOG, MTEC, SPSETIA, and THETA, all of which were able to sustain their rallies throughout the day on the top volumes list.
$THETA(9075.MY$ was definitely the star performer today as it broke out strong from its RM 0.99+ major resistance and rallied all the way towards its RM 1.20 major resistance levels today with good volume and buying momentum despite the weak sentiment and being overbought.
Although it did face some selling pressure towards closing, its closing price at RM 1.14 was still a pretty good sign here and as long as able to hold above its RM 1.10+ immediate support, could continue on towards and beyond the RM 1.20+ regions for a parabolic rally continuation soon.
Something could be brewing behind THETA here and will be monitoring it closely.
$TDM(2054.MY$ on the other hand since breaking out towards its RM 0.26 regions, had been consolidating over the past few days with RM 0.24+ as the main support region.
Seems to have formed a higher low region already as it was able to breakout strong towards the RM 0.27 regions today with huge volume and buying momentum, suggesting a potential uptrend continuation pattern here.
Will be monitoring TDM closely here to see how this develops.
$WENTEL(0298.MY$ once again attempted to breakout towards the RM 0.35 major resistance levels today but was met with fierce selling pressure, taking it back towards closing red at the RM 0.33 regions.
That said, seems to be forming higher lows along the way over the past month of slowly trending up here, potentially forming an ascending triangle pattern. I fable to hold above its RM 0.33+ support, could be retesting the RM 0.35 regions once again and potentially breaking out soon for another wave up.
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