Titan Trading Notes For Tuesday [28/5/2024]:
KLCI had a brief retracement, closing red for the day around the 1618 points region with an overall mixed market sentiment as we still saw over 680 counters closing red for the day. Daily trading volume remains healthy around the 5.64 billion mark here despite sellers dominating the market.
Main stocks that showed strong buying momentum would be the likes of DNEX, AHB, JCY, PWRWELL, MYEG, SSB8, FPHB, SENDAI, HEGROUP, NOTION, RANHILL, EDELTEQ, FAJAR, PARKSON, ECONBHD, and GFM. All of which were able to sustain their rallies throughout the day on the top volumes list.
$DNEX(4456.MY$ after being announced as one of the final contenders for the NIISE project, managed to have a strong gap up today, breaking out all the way towards the RM 0.495 regions with huge volume and buying momentum here.
Although it still faced some selling pressure and wasn't able to close on its intraday high, its closing price of RM 0.47 was still a pretty decent sign here. For now as long as able to sustain above its RM 0.455 immediate support, could continue on towards and beyond the RM 0.50+ regions soon.
DNEX also announced a net profit of RM 14.5 million after the market closed. Expecting this to drive its share price further in the coming week itself. Congratulations to those of you that earned a profit from DNEX as per my earlier trading plan. Will continue to hang on to it to see how far it can go here.
$SSB8(0045.MY$ on the other hand was definitely one of the star performers today as it managed to breakout all the way towards the RM 0.715 regions with huge volume and buying momentum despite being overbought on the daily chart.
For now, still looking very strong here and as long as able to sustain above its RM 0.61+ immediate support levels, could continue on towards and beyond the RM 0.715+ local high levels here.
SSB8 is definitely on a parabolic rally and will be monitoring it closely.
$RAMSSOL(0236.MY$ had a huge breakout today, rallying all the way towards the RM 0.52 regions with huge volume and buying momentum today. For now looking quite strong here after retracing back towards its RM 0.47+ immediate support levels last week.
As long as able to sustain above its RM 0.49+ immediate support levels on the daily chart, could continue on towards and beyond its RM 0.54+ major resistance levels soon in the coming weeks.
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