Titan Trading Notes For Tuesday [17/9/2024]:
KLCI had a decent rebound back towards the 1652 points region with an overall positive market sentiment as the market started to rebound from the past week of selling activities. Daily trading volume however merely settled around the 2.8 billion mark, which isn't so great yet.
Main stocks that showed strong buying momentum would be the likes of GENETEC, WCT, CIMB, MRCB, CEB, YTL, PBBANK, EKOVEST, SIMEPROP, SPSETIA, YTLPOWR, TANCO, GDEX, PERDANA, and UEMS. All of which were able to sustain their rallies throughout the day on the top volumes list.
$WCT (9679.MY)$ after retracing back towards the RM 0.92+ major support levels, was able to rebound strong all the way back towards the RM 1.04 main downtrend resistance levels with huge volume during last Friday.
Since breaking out towards the RM 1.30+ regions, WCT had been retracing over the past 1-2 months here and is still on a downtrend. However, it is showing some signs of recovery here and if able to sustain above its RM 0.97 immediate support, could breakout from its RM 1.04+ main downtrend resistance for a potential new uptrend once more.
Will be monitoring WCT closely here.
$GENETEC (0104.MY)$ despite breaking below its RM 1+ major support levels, had actually been suffering from further selling pressure, retracing all the way back towards the RM 0.80+ major support levels over the past week.
On Friday, it was finally able to have a decent rebound, breaking out back towards the RM 0.89 regions with good volume. However, it was still met with some selling pressure which saw the stock close back towards the RM 0.86 regions.
Have to monitor GENETEC closely to see if it's able to breakout from its RM 0.90+ major resistance levels or not for a further breakout.
$SIMEPROP (5288.MY)$ on the other hand after retracing and consolidating with RM 1.26+ as the main support over the past few months, had formed its higher low base already and started to breakout back towards the RM 1.45+ regions during last Friday with good volume and buying momentum.
So far showing very healthy and positive signs for an uptrend continuation pattern here. As long as able to sustain above its RM 1.40+ immediate support, could continue on to trend up towards the RM 1.70 regions once more in the coming weeks.
Will be monitoring SIMEPROP closely here.
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