Titan Trading Notes For Thursday [30/5/2024]:
KLCI resumed its retracement today, closing red around the 1605 points region with an overall negative market sentiment as we still saw over 830 counters closing red for the day. Daily trading volume settled around the 4.7 billion mark as the market continued to be dominated by selling activities.
Main stocks that showed strong buying momentum would be the likes of KENERGY, EATECH, NOTION, SCGBHD, PARKSON, RANHILL, SEALINK, YTLPOWR, and SALCON. All of which were able to sustain their rallies throughout the day on the top volumes list despite the negative market sentiment.
Following the arrest of $LAGENDA (7179.MY)$ MD by MACC, both LAGENDA and $EPICON (4847.MY)$ were definitely the talk of the town as they both took a huge hit today, with LAGENDA hitting its limit down price at RM 1.17 and EPICON closing over 20% in daily losses today.
It's worth to note that LAGENDA has released a statement clarifying that all daily operations of the company will resume business as usual, and as of now, only 1 person has been remanded and there is not board investigation on other land acquisitions.
As for EPICON, there is totally no related party transactions between the 2 companies. Market started to sell down as EPICON's major shareholder is the brother of LAGENDA's MD that had been remanded by the MACC.
Will have to see how both of them will be like tomorrow after this clarification has been done.
Although EPICON took a huge hit, it managed to rebound quite strongly from the RM 0.25+ regions towards closing at the RM 0.315 regions with huge volume after lunch. For now, as long as able to sustain above its RM 0.30+ immediate support, could continue to rebound further towards the RM 0.35 - RM 0.37+ regions soon.
$SALCON (8567.MY)$ since breaking out towards the RM 0.365 major resistance levels last year, had been consolidating and retracing over the past year without much volume and action.
Recently, it was able to form a solid support around its RM 0.29+ main support levels on the daily chart and was able to breakout from its RM 0.31+ major resistance levels today, rallying all the way towards closing on its intraday high at RM 0.33 with huge volume and buying momentum today.
Will be monitoring SALCON closely here as seems ripe for a potential uptrend continuation pattern soon.
$RGB (0037.MY)$ since breaking out towards the RM 0.46 regions, had been retracing over the past few days back towards its RM 0.41+ main support levels on the daily chart but seems to have formed a higher low region there.
Today, it was able to rebound back towards the RM 0.44 regions with good volume and buying momentum. This is a pretty good sign that it's still on an uptrend here and could potentially breakout from the RM 0.46+ major resistance levels soon for an uptrend continuation pattern.
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