Titan Trading Notes For Thursday [5/9/2024]:
KLCI retraced back towards the 1670 points region today with a negative market sentiment as we saw over 800 counters closing red along with it for the day. Daily trading volume settled around the 3 billion mark, mainly dominated by selling activities as US market took quite a big hit last night.
Main stocks that showed strong buying momentum would be the likes of MYEG, MAYBANK, VLB, YNHPROP, and SIMEPROP. All of which were able to sustain their rallies throughout the day on the top volumes list despite the weak market sentiment.
$VLB (0273.MY)$ despite the weak market sentiment, was able to breakout all the way towards the RM 0.595 regions today with huge volume and buying momentum, forming its new all time high here.
For now not showing any sign of weaknesses yet and as long as able to sustain above its RM 0.55+ immediate support levels on the daily chart, could continue on towards and beyond the RM 0.60++ regions in the coming weeks for an uptrend continuation pattern.
VLB definitely in play for a very strong uptrend here. Will be monitoring it closely.
$YNHPROP (3158.MY)$ on the other hand also had a huge breakout towards the RM 0.52 regions with good volume and buying momentum despite the weak market sentiment here, even able to close on its intraday high.
This came after weeks of consolidating around its RM 0.41+ major support levels during last month. Seems to have reached its bottom region already and could be ripe for a larger rebound towards the RM 0.60+ regions soon.
Will have to monitor YNHPROP closely as it's still making heavy losses during its latest quarter report.
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