General Notes For Thursday [11/1/2024]
KLCI retraced back towards the 1486 points region with an overall negative market sentiment today as we had over 580 counters closing red for the day. Daily trading volume also saw a decline back towards the 4.9 billion regions today.
Main stocks that showed strong buying momentum would be the likes of SCIB, UEMS, LEFORM, ROHAS, IWCITY, SSF, ARMADA, and BINACOM. All of which were able to sustain their rallies throughout the day on the top volumes list.
$LEFORM (0266.BMS)$ definitely on a parabolic rally here as it once again broke out and formed a new all time high at RM 0.49 with huge volume despite being massively overbought over the past few months already since it's first breakout.
So far still not showing any signs of weakness yet and as long as able to hold above the RM 0.45+ immediate support, could continue on perhaps towards the RM 0.50+ regions to resume this bullish continuation pattern.
Not sure how to trade such rallies as a retracement could come in anytime after all, the stock had been rallying over the past few months continuously already. Will be monitoring LEFORM closely.
$SSF (0287.BMS)$ on the other hand also had a huge breakout from its RM 0.275+ previous all time high zones and rallied all the way towards forming a new all time high at RM 0.305 today with good volume.
For now looking pretty strong here and looks like it's ripe for a brand new uptrend rally over consolidating and retracing over the past few months. As long as able to hold above its RM 0.29 immediate support, could continue on stronger here.
Will be monitoring SSF closely here to see how it plays out.
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