Titan Trading Notes For Tuesday [27/8/2024]:
KLCI had a decent rebound back towards the 1638 points region with an overall mixed market sentiment as we still saw over 570 counters closing red for the day. Daily trading volume remains quite low around the 2.8 billion mark.
Honestly, it feels like a yo-yo market here despite US market performing quite well and with foreign fund flowing into our market. Our market lacks liquidity. From reaching a daily trading volume of over 7 billion just months ago, to heading back towards 2.8 billion, there is a huge difference.
In terms of market sentiment, it looks like we're in a consolidation phase now after a huge profit taking round over the past 1-2 months. Solid trading opportunities come few and far between. Plus, we won't know when the rally will stop and have a sudden huge sell down as witnessed from the likes of $NOTION (0083.BMS)$ .
We will have to navigate through this rough path with caution. I believe our overall market will be in an uptrend, but it won't be as smooth as you think.
Main stocks that showed strong buying momentum today would be the likes of ELRIDGE, WCT, SIMEPROP, BPURI, CUSCAPI, PERDANA, SUNWAY, DAYANG, and SCB. All of which were able to sustain their rallies throughout the day on the top volumes list.
$ELRIDGE (0318.BMS)$ since its IPO debut, had been breaking out over the past 2 days, rallying all the way towards the RM 0.455 regions today, forming a new all time high region despite the mixed market sentiment.
For now still looking quite strong here and not showing any signs of weakness yet. As long as able to hold above its RM 0.43 immediate support levels, could continue on towards and beyond the RM 0.455+ regions in the coming few days.
Will be monitoring ELRIDGE closely here as seems to be trending up strong.
$WCT (9679.BMS)$ since taking a hit earlier this month, retraced all the way back towards the RM 0.95+ major support level regions and formed a strong base there during the weak market sentiment.
Today, it was able to breakout from its RM 1.03 immediate downtrend resistance levels with good volume and buying momentum, rallying all the way towards the RM 1.10+ regions here.
So far looking quite bullish and as long as able to sustain above its RM 1.03 support, could continue on to trend up back towards the RM 1.17+ regions soon. Will be monitoring WCT closely here.
$SMRT (0117.BMS)$ since retracing all the way back towards the RM 0.97+ major support levels earlier this month, had been able to rebound strong and gain momentum, forming its higher low region around the RM 1.09+ support on the daily chart.
So far seems to be holding on quite strongly here and if able to sustain, could breakout back above the RM 1.20+ regions and trend up towards and beyond the RM 1.30 - RM 1.40+ major resistance levels for an uptrend continuation pattern.
Will be monitoring SMRT closely here.
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