Titan Trading Notes For Tuesday [22/10/2024]:
After budget 2025 had been tabled during last Friday, KLCI suffered from some profit taking activities today, closing red around the 1645 points region with an overall negative market sentiment as we saw almost 650 counters closing red for the day. Daily trading volume remains around the 3 billion mark, which is average.
Main stocks that showed strong buying momentum would be the likes of KHB, NE, SCABLE, CREST, JCY, NICE, PERTAMA, GENETEC, BAHVEST, MICROLN, and YEWLEE. All of which were able to sustain their rallies throughout the day on the top volumes list despite the weak market sentiment.
$KHB (0322.MY)$ since its IPO over the past 2 weeks, had been retracing and consolidating around the RM 0.175+ major support levels without much volume and action here, but today, was surprisingly able to breakout from its RM 0.20 major resistance.
So far looking quite strong here as it went all the way towards the RM 0.22 levels with good volume and buying momentum. May have bottomed out already and if able to hold above its RM 0.20 support, could continue on towards and beyond the RM 0.23 - RM 0.245+ regions soon.
Will be monitoring KHB closely here.
$NE (0325.MY)$ on the other hand also performing quite well here as able to breakout from its RM 0.545 major resistance levels today and rallied all the way towards the RM 0.59 regions, forming a new high despite the weak market sentiment.
So far looking quite strong here and as long as able to hold above its RM 0.565 immediate support levels, could continue to trend up towards and beyond its RM 0.59 all time high levels for a bullish continuation pattern.
Will be monitoring NE closely as still trending up strongly.
$KOSSAN (7153.MY)$ since its earlier retracement back towards the RM 1.85+ major support levels earlier this month, had been able to slowly gain traction and broke out towards the RM 2.13 regions with good volume today.
For now looking like it's bottomed out and formed its higher low regions already. As long as able to hold above its RM 2.05 support, could continue on towards and beyond the RM 2.40+ regions soon in the coming weeks.
Will be monitoring KOSSAN closely
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