Titan Trading Notes For Friday [26/7/2024]:
KLCI resumed its retracement and closed red today around the 1615 points region with an overall negative market sentiment as we still saw over 950 counters closing red for the day today. Daily trading volume saw a decline back towards the 4.5 billion mark too, mainly dominated with selling activities.
Main stocks that showed strong buying momentum would be the likes of AZRB, BAHVEST, BJCORP, and AGX. All of which were able to sustain their rallies throughout the day on the top volumes list despite the negative market sentiment.
$BAHVEST (0098.MY)$ since breaking out towards the RM 0.64+ regions, had been retracing over the past 2 months here, taking quiet a hit and went all the way towards the RM 0.45+ main support levels on the daily chart over the past few days.
Today, it was able to find strong support and rebounded all the way back towards the RM 0.50 regions with huge volume and buying momentum despite the negative market sentiment.
So far still not showing an uptrend yet but if able to sustain above its RM 0.47 immediate support, could continue on towards and beyond the RM 0.51+ major resistance levels soon for a further rebound. Will be monitoring BAHVEST closely.
$AGX (0299.MY)$ since breaking out from its RM 0.33 main downtrend resistance levels, had a huge rally, breaking out all the way towards the RM 0.52 regions today with huge volume and buying momentum despite the weak market sentiment.
For now definitely on a parabolic rally here and as long as able to sustain above its RM 0.475+ immediate support levels on the daily chart, could continue on towards and beyond the RM 0.55+ regions soon.
Will be monitoring AGX closely here as something big seems to be brewing behind the scenes.
$WCT (9679.MY)$ despite the weak market sentiment, was surprisingly able to old well above its RM 1.20+ main uptrend support levels over the past few days, and was even able to close flat around the RM 1.26 level today.
for now looking quite strong here and as long as able to sustain, could start to trend up back towards and beyond the RM 1.30+ regions soon for an uptrend continuation pattern soon.
Will be monitoring WCT closely
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