Titan Trading Notes For Friday [18/10/2024]:
KLCI had a decent rebound back towards the 1641 points region with an overall positive market sentiment today. Daily trading volume however settled around the 2.6 billion mark, which is just average for now.
Main stocks that showed strong buying momentum would be the likes of AIZO, SPSETIA, SIMEPROP, CEB, RHBBANK, CAPITALA, PBBANK, ELRIDGE, TANCO, BAHVEST, INARI, YEWLEE, IJM, TENAGA, SDCG, and UEMS. All of which were able to sustain their rallies throughout the day.
Seems like the market is trending sideways here as we await for budget 2025 to be tabled tomorrow by Prime Minister and Finance Minister DS Anwar Ibrahim. Main sectors to monitor would be:
1. Infrastructure Projects i.e. MRT3 and Penang LRT
2. Sarawak's development
3. Johor Theme
4. Cybersecurity
5. Food subsidies
6. Renewable Energy to met ESG targets
7. E-Invoice
8. Tech support to be high end chip manufacturers.
$SPSETIA (8664.MY)$ after consolidating over the past month with RM 1.25+ as the main support, was finally able to breakout strong today, rallying all the way towards the RM 1.40 regions with good volume and buying momentum.
For now looking quite ripe for a bullish continuation pattern here, potentially towards the RM 1.60+ major resistance levels in the coming weeks. As long as it holds above its RM 1.30 immediate support, should be doing alright.
Will be monitoring SPSETIA closely here as seems to have formed its higher low regions already.
$ELRIDGE (0318.MY)$ on the other hand since consolidating over the past month here with RM 0.38+ as the main support levels, was finally able to breakout strong from its RM 0.40 major resistance levels, rallying towards the 4RM 0.41 regions with good volume and buying momentum.
For now looking quite ripe here for a potential uptrend continuation pattern potentially towards the RM 0.45+ major resistance levels soon. As long as it holds above the RM 0.40 support, should be looking quite bullish.
Will be monitoring ELRIDGE closely here as smart monies seem to be coming back in.
$JPG (5323.MY)$ although moving quite slow, had been able to form a solid support region around the RM 1+ levels over the past week here and slowly recover back towards the RM 1.05 levels today with good volume.
For now still looking healthy on an uptrend here. As long as able to sustain above its RM 1.02 support, could continue on towards and beyond the RM 1.07 all time high levels for an uptrend continuation pattern.
Will be monitoring JPG closely
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