Titan Trading Notes For Friday [30/8/2024]:
KLCI retraced back towards the 1653 points region with an overall negative market sentiment today we saw over 850 counters closing red for the day. Daily trading volume settled around the 3.6 billion mark, mainly dominated by selling activities. Overall market sentiment was definitely bearish.
Main stocks that showed strong buying momentum would be the likes of NOTION, TANCO, SUNWAY, SEALINK, MALAKOF, and FRONTKN. All of which were able to sustain their rallies throughout the day on the top volumes list.
$SUNWAY (5211.MY)$ since breaking out towards the RM 4.40+ regions, had been retracing and consolidating over the past month here, and recently formed a solid support region around the RM 3.90+ regions on the daily chart despite the weak market sentiment.
For now still able to hold quite well here and as long as able to sustain, could start to trend back up towards the RM 4.20 - RM 4.40++ major resistance levels in the coming weeks here.
Will be monitoring SUNWAY closely as seems to be trending up quite strong in the long run.
$CEB (5311.MY)$ since its earlier rebound back towards the RM 0.54 regions, had been retracing over the past month here, heading towards forming a new low at RM 0.33 today with huge selling pressure despite being oversold here.
For now still down trending here with RM 0.365+ as the main downtrend resistance on the hourly charts. For now we can refer RM 0.33 - RM 0.34+ as the main support levels to see if able to hold or not.
Will be monitoring CEB closely here for a potential rebound soon.
I still think the market is quite bearish overall here, and perhaps we might see some rebound from certain stocks being oversold, still have to act cautiously overall.
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