Titan Trading Notes For Monday [7/10/2024]:
KLCI retraced back towards the 1629 points region with an overall negative market sentiment as we still saw over 600 counters closing red for the day. Daily trading volume settled around the 3.1 billion mark, mainly dominated by selling activities.
Main stocks that showed strong buying momentum would be the likes of ARMADA, MYEG, PESTECH, VELESTO, PERDANA, BAHVEST, HENGYUAN, YTLPOWR, and HIBISCS. All of which were able to sustain their rallies throughout the day on the top volumes list despite the weak market sentiment.
$ARMADA (5210.MY)$ since breaking out towards the RM 0.60+ regions back in July, had been retracing over the past few months here and formed a solid support region around the RM 0.45++ levels.
Recently, was able to rebound strong back towards the RM 0.515 main downtrend resistance with good volume here. This could be a sign that it's reached its dip region already and as long as able to hold above its RM 0.49 support, could breakout from this downtrend for a potential new wave up.
Will be monitoring ARMADA closely here as seems to have huge volume coming in.
$HIBISCS (5199.MY)$ on the other hand was already able to breakout strong from its RM 2.25+ main downtrend resistance and rallied all the way towards the RM 2.35+ regions with huge volume and buying momentum on Friday.
For now looking strong here and as long as able to hold above its RM 2.25+ immediate support, could breakout from its RM 2.40+ EMA 200 long term resistance levels here on the daily chart soon in the coming week.
Will be monitoring HIBISCS closely here.
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