Titan Trading Notes For Friday [28/8/2024]:
KLCI resumed its retracement and closed back towards the 1584 points region with an overall negative market sentiment as we still saw over 800 counters closing red along with it. Daily trading volume also dipped back towards the 4.2 billion mark, which isn't really a good sight.
Main stocks that showed strong buying momentum would be the likes of SBH, NOVAMSC, WCT, HEXIND, THETA, DCHCARE, IFCAMSC, and MNHLDG. All of which were able to sustain their rallies throughout the day on the top volumes list despite the weak market sentiment.
$SBH (0300.MY)$ over the past few days was able to breakout from its RM 0.29+ major resistance levels and rallied all the way towards the RM 0.36 regions, forming a new all time high despite the weak market sentiment.
Although wasn't able to close on its new high, its closing price of RM 0.34 was still a pretty good sign here and as long as able to hold above its RM 0.33+ immediate support levels, could continue on this uptrend rally towards and beyond the RM 0.36+ regions.
Will be monitoring SBH closely here.
$THETA (9075.MY)$ since retracing back towards its RM 1.38+ major support levels yesterday, was able to hold well above its support region and breakout all the way towards the RM 1.86 regions today with huge volume and buying momentum.
For now looking very strong here and as long as able to hold above its RM 1.60+ immediate support levels, could continue on towards and beyond its RM 1.86+ regions for an uptrend continuation pattern.
Will be monitoring THETA closely here as seems to be ripe for an uptrend continuation pattern.
$HEXIND (0161.MY)$ on the other hand since retesting its RM 0.38+ immediate support levels over the past few days, was able to form its higher low region and break out all the way towards the RM 0.445 regions today with good volume and buying momentum.
This could be due to the fact that HEXIND will be transferred to the main market tomorrow. For now looking quite strong here and as long as able to hold above its RM 0.42+ immediate support levels, could continue on towards and beyond its RM 0.445+ regions soon.
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