Titan Trading Notes For Wednesday [11/9/2024]:
KLCI had a slight rebound back towards the 1660 points region after the selling from last week. Overall market sentiment was able to see a slight rebound as well, but it's still quite mixed as we still see over 500 counters closing red for the day. Daily trading volume settled average around the 3 billion mark today.
Main stocks that showed strong buying momentum would be the likes of ALPHA, PBBANK, CIMB, MAYBANK, YTL. TANC9O, IHH, RHBBANK, and SIMEPROP. All of which were able to sustain their rallies throughout the day on the top volumes list.
$ALPHA (0303.MY)$ since consolidating over the past 4-5 months around the RM 0.30 - RM 0.33 range, was able to breakout strong all the way towards the RM 0.355 regions, forming its new all time high here despite the mixed market sentiment.
This breakout is a good sign that it may be ripe for a potential new uptrend rally here already. Although faced some selling pressure around the RM 0.35+ regions, as long as able to hold above its RM 0.33 - RM 0.34 support, could continue on further here.
Will be monitoring ALPHA closely here as seems to be brewing something strong.
$SIMEPROP (5288.MY)$ although took quite a hit over the past month, retracing all the way towards the RM 1.25+ major support levels, had been consolidating over the past few weeks here, forming a solid base region.
Seems to have formed its higher low region here already as it was able to rebound strong back towards the RM 1.42 levels today with good volume and buying momentum. For now as long as able to sustain above its RM 1.37+ support, could continue on towards and beyond the RM 1.50 - RM 1.70++ regions soon.
Will be monitoring SIMEPROP closely here as could be ripe for an uptrend continuation pattern soon.
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Momentum Trader : Alpha Bo ipo base, good sign. Hope this one goes !