Titan Trading Notes For Thursday [21/3/2024]
KLCI retraced today towards closing red at 1535 points with an overall mixed market sentiment as we still had over 500 counters closing red along with it today. Daily trading volume settled slightly lower around the 3.8 billion mark too.
Main stocks that showed strong buying momentum would be the likes of TOPGLOV, SPSETIA, PERDANA, PWRWELL, VS, CLOUDPT, AIM, M&G, SIMEPROP, MTEC, EDUSPEC, GDB, UEMS, CAREPLS, and SFPTECH. All of which were able to sustain their rallies throughout the day on the top volumes list.
$SPSETIA (8664.MY)$ since breaking out from tis RM 0.94+ main symmetrical triangle resistance, had been breaking out very strongly over the past few weeks here, even breaking out towards the RM 1.20 regions today with good volume and buying momentum.
Despite being overbought, it's still not showing any sign of weakness yet and as long as able to sustain above its RM 1.15+ immediate support levels, could continue on towards the RM 1.25 - RM 1.30+ regions here.
Will be monitoring SPSETIA here for an entry opportunity when it retraces. Most likely on a very huge bull run here.
$PWRWELL (0217.MY)$ also looking very strong here after briefly retracing back towards the RM 0.35 support levels last week, forming a higher low region on the daily chart.
For now looking very strong for a bullish continuation pattern and could be testing its RM 0.48 - RM 0.50+ regions soon in the coming weeks here.
Will be monitoring PWRWELL closely here as well.
$JTGROUP (0292.MY)$ after retracing back towards the RM 0.315+ support levels, was able to hold well and broke out all the way towards the RM 0.37 levels today with good volume and buying momentum, forming a new all time high.
For now although unable to close on its all time high, its closing price of RM 0.355 was still pretty good and as long as able to sustain above its RM 0.345+ support, could continue to trend up slowly here to form an uptrend.
Will be monitoring JTGROUP closely.
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