General Notes For Wednesday [17/1/2024]:
KLCI faced some selling pressure and retraced back towards the 1493 points region with an overall negative market sentiment today as we saw over 770 counters closing red for the day. Daily trading volume settled around the 5.8 billion range, which is still alright.
Main stocks that showed strong buying momentum would be the likes of TANCO, MYEG, RANHILL, TOPGLOV, PELIKAN, and JOE. All of which were able to sustain their rallies throughout the day on the top volumes list.
$LEFORM(0266.MY$ took a huge hit today, breaking below its RM 0.445 major support levels, breaking down all the way towards the RM 0.205+ levels today with huge selling pressure.
This came after a 3 month-long rally from the RM 0.23+ regions, forming new highs all the way towards the RM 0.51 regions over the past week. This case highlights the dangers of a stock that went up parabolically with barely any retracements and consolidation.
3 months worth of gains can be wiped off in just 1 day...have to exercise caution to such stocks.
$EKOVEST(8877.MY$ on the other hand also retraced back towards the RM 0.55+ levels today, pulling back from the RM 0.60+ regions here. For now seems to be holding well above the support region, but is also facing fierce selling resistance at RM 0.60+
Need to see how it performs here, and the RM 0.55+ immediate support levels need to be able to hold, otherwise could be retracing further back towards the RM 0.50 - RM 0.525+ regions soon.
Will be monitoring EKOVEST closely here.
$PBA(5041.MY$ since consolidating and retracing over the past month here, had been able to form a solid support region around the RM 1.70+ regions and broke out strong all the way towards the RM 2+ regions with huge buying momentum and volume today.
Although it wasn't able to close above RM 2, its closing price of RM 1.86 was still a pretty good sign here and as long as able to hold above its RM 1.84+ immediate support levels, could breakout back towards and beyond the RM 2+ regions soon for an uptrend continuation pattern.
Will be monitoring PBA closely here, along with BTECH as a following laggard in the water theme.
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