Titan Trading Notes For Friday [7/6/2024]:
KLCI had a good breakout back towards the 1614 points region today with an overall positive market sentiment as our overall market started to rebound after 1-2 weeks of selling activities. Daily trading volume was also able to rebound back above the 5 billion mark, which is a decent sign here.
Main stocks that showed strong buying momentum would be the likes of WCT, KENERGY, DSONIC, KGW, SEALINK, EKOVEST, PWRWELL, MALTON, SIMEPROP, MAHSING, MRCB, WENTEL, INTA, SBH, LHI, GTRONIC, ICON, TENAGA, FPHB, and E&O. All of which were able to sustain their rallies throughout the day on the top volumes list.
$WCT(9679.MY$ definitely stole the show today as it was able to breakout strong all the way towards the RM 0.875 regions with huge volume and buying momentum here despite being overbought on the daily chart.
This breakout came out of nowhere when WCT started to breakout from its RM 0.55+ major resistance levels just 2 weeks ago on the daily chart. For now, it's definitely on a parabolic rally here and as long as able to sustain above its RM 0.76 support, could continue on towards and beyond the RM 0.90+ regions soon.
Will be monitoring WCT closely here as I'm curious on how this will develop.
$DSONIC(5216.MY$ since retracing back towards the RM 0.48+ main support levels, had been able to form its higher low region and bounced back all the way towards the RM 0.565 regions today with huge volume and buying momentum.
For now looks like it's on an uptrend here and as long as able to sustain above its RM 0.53+ immediate support, could continue on towards and beyond the RM 0.565+ regions to test its RM 0.60 major resistance levels soon.
Will be monitoring DSONIC closely here as seems to be just the start of its new uptrend.
$FPHB(0304.MY$ had a good breakout towards the RM 0.52 regions today, forming a new all time high with good volume and buying momentum, resuming its uptrend rally from yesterday here.
So far looking very strong and as long as able to sustain above its RM 0.49+ immediate support, could continue on towards and beyond its RM 0.52+ all time high levels for an uptrend continuation pattern.
Congratulations to those of you that earned a good profit from FPHB as per my earlier trading plans. I've taken partial profit today at RM 0.51 and will hang on to the remainder to see how far it can go here.
$WENTEL(0298.MY$ since breaking out from its RM 0.345+ major resistance levels, had been able to resume its bullish momentum, breaking out all the way towards the RM 0.385 regions today, forming a new all time high.
For now looking very bullish here after consolidating for over the past few months without much volume and action. As long as able to sustain above its RM 0.355+ main support levels, could continue on towards and beyond the RM 0.40+ regions soon for an uptrend continuation pattern.
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