Titan Trading Notes For Wednesday [13/3/2024]:
KLCI had a good breakout back towards the 1554 points region with an overall positive market sentiment today. Daily trading volume reached 4.28 billion, which is pretty good.
Main stocks that showed strong buying momentum would be the likes of PMHLDG, VELESTO, SPSETIA, CLOUDPT, EDELTEQ, AMBANK, IFCAMSC, RL, and HEGROUP. All of which were able to sustain their rallies throughout the day on the top volumes list.
$PMHLDG(1287.MY$ was definitely the superstar for the day as it managed to breakout all the way towards the RM 0.225 regions with huge volume and buying momentum despite being overbought here on the daily chart.
For now, looking very strong here and not showing any sign of weaknesses at all, as long as able to sustain above its RM 0.185 - RM 0.20+ support levels, could be breaking out towards the RM 0.25 - RM 0.275 regions for a parabolic rally soon.
Will be monitoring PMHLDG closely as EXSIM Hospitality is buying a majority stake here. Something big could be brewing behind the scenes.
$SPSETIA(8664.MY$ on the other hand also had a strong breakout today, rallying all the way towards the RM 1+ regions with good volume and buying momentum after breaking out from its RM 0.95+ main resistance levels.
For now looking very ripe for a potential uptrend continuation pattern here as long as able to hold above its RM 0.95+ support levels here on the daily chart, could be testing its RM 1.06+ regions soon.
Will be monitoring SPSETIA closely here.
$RL(0219.MY$ since retracing over the past year without much volume and action, was finally able to breakout strong from its RM 0.31+ main downtrend resistance and rallied all the way towards the RM 0.325 regions with good volume and buying momentum today.
For now as long as able to sustain above its RM 0.31+ support levels, could continue on towards the RM 0.335 - RM 0.35+ major resistance levels soon until the next pullback comes.
RL overall looking strong and healthy here for a strong uptrend in the coming few weeks.
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