Titan Trading Notes For Thursday [4/4/2024]:
KLCI had a brief retracement back towards the 1537 points region with an overall negative market sentiment as we had over 590 counters closing red for the day. Daily trading volume settled well around the 4.2 billion mark, which is still a decent sight to see.
Main stocks that showed strong buying momentum would be the likes of SNS, ARMADA, GLXT, NCT, EPICON, AWC, ECA, VS, DIALOG, TDM, and YBS. All of which were able to sustain their rallies throughout the day on the top volumes list.
$SNS (0259.MY)$ was definitely the star player for today as it manage to rally all the way towards the RM 0.42 regions, forming a new all time high once again. So far still looking quite strong here despite facing some selling pressure above the RM 0.40+ levels.
For now, it's facing some selling pressure which could see it retrace back towards the RM 0.35+ immediate support levels first and if able to sustain as a higher low here, could continue on this parabolic rally back towards and beyond the RM 0.42 levels. If unable to hold RM 0.35, then have to be a little more careful.
Will be monitoring SNS closely.
$ECA (0267.MY)$ over the past year, had been retracing and consolidating here with RM 0.36+ as the main support levels, even forming a double bottom trend reversal pattern over the past few months on the daily chart.
Today, it was able to breakout strong from its RM 0.41+ main downtrend resistance and rallied all the way towards the RM 0.45+ regions with huge volume and buying momentum here.
Looks like the start of a potential new uptrend if able to hold above its RM 0.41+ immediate support for now. Will be monitoring ECA closely to see how it goes.
$EPICON (4847.MY)$ after consolidating over the past 3 months, was finally able to breakout strong from its RM 0.46+ major resistance levels and rallied all the way towards the RM 0.495 regions, forming a new local high with good volume and buying momentum.
For now still looking quite strong here and as long as able to hold above its RM 0.465 immediate support levels, could continue on towards and beyond the RM 0.50+ regions in the coming weeks for an uptrend continuation pattern.
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