Titan Trading Notes For Thursday [26/9/2024]
Although KLCI managed to breakout towards the 1673 points region, the overall market sentiment was still quite bearish as we saw almost 800 counters closing red for the day. Daily trading volume settled around the 3.5 billion mark, which is just average here and dominated by selling activities.
Main stocks that showed strong buying momentum would be the likes of GTRONIC, 99SMART, MRDIY, SIME, APB, and TANCO. All of which were able to sustain their rallies throughout the day on the top volumes list despite the weak market sentiment.
Although $GTRONIC (7022.MY)$ broke out strong towards the RM 0.80 major resistance levels early in the morning, it was met with fierce selling pressure which saw the stock retrace back towards the RM 0.735 regions towards closing.
So far still not looking too bad here as it's still able to see some buying support above its RM 0.715+ main support levels now. As long as able to sustain, could rebound back towards and beyond the RM 0.76+ major resistance levels soon to potentially go for the next wave up.
Will be monitoring GTRONIC closely here.
$MRDIY (5296.MY)$ on the other hand since retracing back towards the RM 1.95+ major support levels earlier last week, had been able to withstand its buying momentum and broke out strong today towards the RM 2.18 regions with huge volume despite the weak market.
So far looking very ripe for an uptrend continuation pattern here and as long as able to hold above its RM 2.10 immediate support, could continue on to trend up towards and beyond the RM 2.30 - RM 2.50+ regions soon.
Will be monitoring MRDIY closely here as seems to be breaking out strong.
$SENDAI (5205.MY)$ over the past few weeks, had been able to hold quite well above its RM 0.53+ main support levels on the daily chart with decent buying momentum and volume here despite the mixed sentiment.
So far still able to maintain its strength quite well here and could breakout from its RM 0.60+ main downtrend resistance levels anytime soon as long as able to withstand above its RM 0.53+ main support levels.
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