Titan Trading Notes For Wednesday [17/4/2024]:
KLCI plunged further back towards the 1535 points region and we saw a bloodbath today as we saw over 1100+ counters closing red along with it. Daily trading remained high around the 4.9 billion mark, but was dominated by sellers.
It has been awhile since I said this, but there were no stocks that performed well today on the top volumes list. All of them took a huge hit today and are not looking very good for the short term.
$MRCB(1651.MY$ despite breaking out towards the RM 0.715 regions last week, took a hit over the past 2 trading days, retracing back towards its RM 0.65+ main support levels today on the daily chart with huge volume.
For now, still not looking too bad yet as it's standing above its RM 0.63 - RM 0.65+ main support region on the daily chart. As long as able to hold, could trend back towards the RM 0.70 - RM 0.71+ regions once more. If unable to hold, could retrace further towards the RM 0.60 major support.
Will be monitoring MRCB closely here.
$SBH(0300.MY$ since breaking out towards the RM 0.30 all time high levels. had also been retracing over the past 2 days here back towards its RM 0.27+ immediate support level amidst the panic selling sentiment.
For now, seems to be holding quite well above its RM 0.27+ support levels here and could bounce back towards the RM 0.285 - RM 0.30+ regions soon for an uptrend continuation pattern if able to hold as a higher low region here.
Will be monitoring SBH closely as it's still quite strong compared to the other IPOs.
$RGB(0037.MY$ also took a hit, retracing back towards the RM 0.33+ main support levels but only to be met with fierce buying support, to rebound back and close at the RM 0.345 range today.
Seems to have formed its higher low support already as RM 0.33+ was able to hold quite well. As long as able to sustain and form its higher low here, could continue to trend back up towards the RM 0.365 - RM 0.385+ regions soon in the coming weeks.
Will be monitoring RGB closely here.
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