Titan Trading Notes For Monday [23/9/2024]:
KLCI managed to breakout further towards the 1668 points region during last Friday with an overall positive market sentiment. Daily trading volume was also able to soar through the 4.1 billion mark, which is a very positive sign of recovery here.
Main stocks that showed strong buying momentum would be the likes of SIMEPROP, TOPGLOV, SUNWAY, CAPITALA, YTL, EKOVEST, GENETEC, IWCITY, SPSETIA, TANCO, IJM, BAHVEST, UEMS, and YTLPOWR. All of which were able to sustain their rallies throughout the day on the top volumes list.
$TOPGLOV (7113.MY)$ surprisingly was able to lead the glove sector during last Friday as it broke through the RM 1.10+ regions with huge volume and buying momentum. This came after it retraced back towards the RM 1.02+ support levels earlier last week.
For now looking quite bullish here and as long as able to sustain above its RM 1.08+ immediate support levels, could continue on towards and beyond the RM 1.14+ major resistance levels soon for an uptrend continuation pattern.
Will be monitoring TOPGLOV closely here.
$CAPITALA (5099.MY)$ on the other hand was able to breakout strong from its RM 0.82+ main downtrend resistance and rallied all the way towards the RM 0.89+ regions with huge volume and buying momentum despite being overbought.
For now looking strong here as it broke through the RM 0.82+ main downtrend resistance with huge volume. As long as able to sustain, could rally on towards and beyond the RM 0.93+ regions soon.
Will be monitoring CAPITALA closely here as seems to be starting a new uptrend.
$SIMEPROP (5288.MY)$ since breaking out from its RM 1.44+ main downtrend resistance levels, had been able to build up its momentum quite well and rallied all the way towards the RM 1.55 regions on Friday with huge volume.
So far looking quite bullish here and as long as able to sustain above the RM 1.44+ immediate support levels on the daily chart, could continue on towards and beyond the RM 1.50 - RM 1.69+ regions for an uptrend continuation pattern.
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