Titan Trading Notes For Wednesday [21/2/2024]:
KLCI had a huge breakout towards the 1555 points region with an overall positive market sentiment today as the oil and gas theme ran strong and led the way. Daily trading volume remained healthy around the 3.7 billion mark too, which is a pretty good sign.
Main stocks that showed strong buying momentum would be the likes of DIALOG, ARMADA, MIINETEC, VELESTO, PERDANA, SIME, ITRONIC, DNEX, PBBANK, YTL, YTLPOWR, KNM, DAYANG, MRCB, GENM, and THPLANT. All of which were able to sustain their rallies throughout the day on the top volumes list.
$DIALOG(7277.MY$ was definitely one of the best performers today as it surged all the way towards the RM 2.20+ regions with huge volume and buying momentum after just testing its RM 1.72+ major support levels over the past few weeks.
For now definitely broke out from its RM 2.10+ main downtrend resistance already and if able to sustain this breakout, could continue on further towards and beyond the RM 2.30+ major resistance levels soon for an uptrend continuation pattern.
Will be monitoring DIALOG closely here as something big seems to be brewing behind the scenes.
$ARMADA(5210.MY$ on the other hand definitely performed well too as it broke out strong from its RM 0.585 - RM 0.60+ major resistance with huge volume and buying momentum today after about 1 year of consolidation and retracement since its huge sell down towards the RM 0.42+ regions.
For now although unable to close on its intraday high, its closing price at RM 0.595 is still a pretty good sign here and as long as able to sustain above its RM 0.58+ immediate support levels, could continue on towards and beyond the RM 0.625+ major resistance levels soon for a bullish continuation pattern.
Will be monitoring ARMADA closely here as seems to be ripe for an uptrend continuation.
$WENTEL(0298.MY$ so far still trending nicely upwards here despite not being able to breakout from its RM 0.33 all time high zones, had been able to hold quite well above its RM 0.31+ immediate uptrend support levels.
As long as able to hold this region, could continue on towards and beyond the RM 0.33 all time high for a bullish continuation pattern and trend up towards the RM 0.35 - RM 0.37+ zones potentially in the coming weeks.
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