General Notes For Wednesday [27/12/2023]:
KLCI retraced back towards the 1450 points region today with an overall negative market sentiment as we still had over 425 counters closing red along with it. Daily trading volume also remained around the 2.93 billion range, which is just average.
Main stocks that showed strong buying momentum would be the likes of MINETEC, SCABLE, CAREPLS, IWCITY, EKOVEST, UEMS, YEWLEE WA, HANDAL, and ZELAN. All of which were able to sustain their rallies throughout the day on the top volumes list.
$TOPGLOV (7113.BMS)$ although seemed quite volatile, is actually holding quite well above its RM 0.885+ immediate support levels on the daily chart here and managed to rebound back towards the RM 0.92 regions towards closing.
Looks like there's some struggle here between buyers and sellers after its QR announcement last week, but if able to hold the higher low region at RM 0.885, could continue to breakout back towards and beyond the RM 0.955+ resistance levels soon for an uptrend continuation pattern.
I believe the glove theme could be here to stay at least in the mid term and will be monitoring TOPGLOV closely here.
$EFRAME (0227.BMS)$ after consolidating around the RM 0.79 - RM 0.80+ major support levels over the past few weeks, was finally able to stage a good rebound today back towards the RM 0.84+ regions with good volume.
This came after a huge sell down from the RM 0.93+ regions all the way back towards the RM 0.79 major support regions with huge volume earlier this month. For now still looking decent here and if able to hold, could breakout back towards the RM 0.855 - RM 0.87+ levels soon.
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