Titan Trading Notes For Friday [31/5/2024]:
KLCI resumed its retracement, closing red around the 1604 points region today but we did see pretty good rebound on the market sentiment in general, suggesting that a higher low could be near already. Daily trading volume settled around the 5.3 billion mark, which is still pretty decent.
Main stocks that showed strong buying momentum today would be the likes of KENERGY, MYEG, EPICON, WCT, SIMEPROP, ARMADA, MAHSING, JCY, SNS, SMART, ANEKA, SEALINK, EATECH, SALCON, RAMSSOL, HM, NOTION, PMETAL, and AWANTEC. All of which were able to sustain their rallies throughout the day despite the mixed market sentiment.
$KENERGY (0307.BMS)$ was definitely one of the best performers today as it was able to breakout from its RM 0.49 major resistance and rallied all the way towards the RM 0.66 regions to form its new all time high with huge volume and buying momentum.
Although faced some selling pressure, its closing price at RM 0.615 was still a pretty good one. For now as long as able to sustain above its RM 0.59+ immediate support levels, could continue on towards and beyond the RM 0.66+ regions soon.
Will be monitoring KENERGY closely.
$WCT (9679.BMS)$ on the other hand had been consolidating over the past year without much volume and buying momentum, but today was able to breakout strong from its RM 0.565+ major resistance here with good volume and buying momentum.
For now as long as able to sustain above its RM 0.585+ immediate support, could continue on towards and beyond the RM 0.62+ regions for a brand new uptrend rally here.
Will be monitoring WCT closely as seems to be the start of a new uptrend.
$RAMSSOL (0236.BMS)$ despite retracing back towards the RM 0.48+ support levels yesterday, was able to stage a huge breakout towards the RM 0.54 major resistance levels today with good volume and buying momentum.
For now looking quite strong here and as long as able to sustain above its RM 0.52+ immediate support, could continue on towards and beyond the RM 0.55+ regions for a strong bullish continuation pattern.
$NOTION (0083.BMS)$ since retracing back towards the RM 1.16+ immediate support levels earlier this week, had been able to form its higher low region there and today was able to breakout all the way back towards the RM 1.44 regions with good volume and buying momentum towards closing.
For now it's looking extremely bullish here and as long as able to maintain this kind of buying momentum, could continue on towards and beyond the RM 1.50+ regions here on its parabolic rally.
Will be monitoring NOTION closely here
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