General Notes For Wednesday [3/1/2024]
KLCI closed slightly red today at around 1453 with an overall positive market sentiment. With the high volume penny stock theme running hot, it's not surprising to see trading volumes surging back towards the 4.9 billion range once more.
Main stocks that showed strong buying momentum today would be the likes of FAST, SAPNRG, PASUKGB, SCABLE, BIOHLDG, TOPGLOV, MMAG, IWCITY, EKOVEST, PELIKAN, UEMS, PUNCAK, RANHILL, SALCON, MERSEC, and PBA. All of which were able to sustain their rallies throughout the day on the top volumes list.
$BIOHLDG(0179.MY$ had a huge breakout all the way towards the RM 0.14 major resistance levels today after breaking out from its RM 0.115+ resistance levels with huge volume.
After the first wave, it was met with some selling pressure which saw the stock closed back towards the RM 0.12 regions here. So far still looking pretty strong and as long as able to hold above its RM 0.115 immediate support levels, could continue on an uptrend here in the coming weeks.
Congratulations to those of you that earned a good profit from BIOHLDG as per my earlier trading plans. I've taken all my profits today at RM 0.135 and RM 0.12. Will still be monitoring closely for a re-entry opportunity soon.
$IWCITY(1589.MY$ on the other hand also performed quite well today as it managed to hold well above its RM 0.72+ immediate support regions and break out all the way towards the RM 0.78+ regions with good volume despite being overbought on the daily chart.
So far, IWCITY is still not showing any sign of weakness yet and could continue on towards and beyond the RM 0.855+ major resistance levels soon.
Following the water theme's leader PBA, $BTECH(0011.MY$ had a huge rally today,breaking out from its RM 0.30+ major sideways resistance levels to breakout all the way towards the RM 0.37+ regions with huge volume on the daily chart.
So far not showing any sign of weakness here yet as it was able to easily breakout from its RM 0.35 - RM 0.36 major resistance levels. For now as long as able to sustain, could breakout towards and beyond the RM 0.39 - RM 0.40+ major resistance levels soon for an uptrend continuation pattern.
Market sentiment definitely making a very strong come back here and as all of you can see, we're seeing good improvements in our results too. I believe we will be able to start shining very soon as long as we keep this kind of liquidity in the market.
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