Titan Trading Notes For Wednesday [17/7/2024]:
KLCI retraced back towards the 1625 points region with an overall negative market sentiment today as we saw almost 800 counters closing red along with it for the day. Daily trading volume still hovering around the 4.6 billion mark, which is still pretty good for now.
Main stocks that showed strong buying momentum today would be the likes of BINTAI, MLAB, WCT, YGL, TANCO, RL, MRDIY, UUE, CENSOF, and BJCORP. All of which were able to sustain their rallies throughout the day on the top volumes list.
$WCT(9679.MY$ since retracing back towards its RM 1.10+ immediate support levels yesterday, was able to form a higher low and broke out all the way towards the RM 1.22 regions today with huge volume and buying momentum.
Although faced some selling pressure which saw the stock close back towards the RM 1.16 regions, still trending upwards quite strong here and as long as able to hold above its RM 1.11+ immediate support, could continue on towards and beyond the RM 1.22+ regions for an uptrend continuation pattern.
Will be monitoring WCT here as I expect it to be in play for sometime.
$YGL(0086.MY$ on the other hand since its earlier breakout towards the RM 0.28 regions, had been retracing over the past 2 weeks back towards its RM 0.225+ main support levels only to breakout strong today back towards the RM 0.27+ regions.
For now looking quite strong and ripe here for a potential new uptrend towards and beyond its RM 0.28+ major resistance levels soon as long as able to hold above its RM 0.24+ immediate support levels.
Will be monitoring YGL closely here as seems to be on a brand new uptrend.
$IFCAMSC(0023.MY$ since breaking out towards its RM 0.93 regions, had been retracing over the past 2 weeks here back towards its RM 0.85+ support levels and seems to be holding quite well here.
For now as long as able to sustain above this level as a higher low region, could breakout from its RM 0.89+ immediate downtrend resistance levels for an uptrend continuation pattern soon in the coming weeks.
Will be monitoring IFCAMSC closely here.
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