Titan Trading Notes For Friday [13/9/2024]:
KLCI retraced further down towards the 1638 points region, but the overall market sentiment was considered to be a positive one as we saw a decent rebound from most counters. Daily trading volume however remains low around the 2.6 billion to end for the day.
Main stocks that showed strong buying momentum would be the likes of OCR, YTL, HAWK, VELESTO, WCT, YTLPOWR, SNS, AMBANK, HIAPTEK, INARI, NOTION, BJFOOD, PMETAL, MRCB, and SIME. All of which were able to sustain their rallies throughout the day on the top volumes list.
$YTL (4677.MY)$ breaking below its RM 3.40 main support levels, had been taking a huge hit over the past month here, heading back all the way back towards the RM 2.35+ major support levels on the daily chart here over the past week.
For now seems to be holding quite well above this region already as it was able to rebound back towards the RM 2.50+ levels. If able to sustain, could have at least a technical rebound back towards the RM 2.70+ regions soon in the coming weeks.
Will be monitoring YTL closely here as it's quite oversold over the past 1-2 months.
$MALAKOF (5264.MY)$ despite the weak market sentiment over the past month, had been able to slowly inch up here and broke out towards the RM 0.97+ regions with good volume and buying momentum today.
Although still facing strong selling pressure above the RM 0.95+ regions, its formation of higher lows along the way is still a good sign, and could continue on towards the RM 1+ major resistance levels soon.
Will be monitoring MALAKOF closely here.
A lot of stocks despite showing rebound, are still on a short-mid term downtrend. I expect the overall market to be relatively slow and sideways, leaning more towards selling until at least the American Elections are over.
Will have to remain vigilant during these times and not make any mistakes.
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