Titan Trading Notes For Wednesday [21/8/2024]:
KLCI retraced back towards the 1642 points region after breaking towards a new yearly high yesterday. With that, our overall market sentiment remains bearish today as we had over 850 counters closing red along the day with it. Daily trading volume settled around the 4.19 billion mark, with sellers dominating the market.
Main stocks that showed strong buying momentum today would be the likes of PBBANK, TOPGLOV, AMBANK, IJM, YINSON, ENGTEX, and MRDIY. All of which were able to sustain their rallies throughout the day despite the weak market sentiment.
$PBBANK (1295.MY)$ since its strong breakout yesterday from its RM 4.30+ main downtrend resistance, had been able to resume its upward trajectory, rallying all the way towards the RM 4.70 regions with huge volume today despite the weak market sentiment.
So far looking quite strong here despite being overbought on the daily chart. As long as able to sustain above its RM 4.50+ main support levels, could continue on towards and beyond the RM 4.80+ regions soon for an uptrend continuation pattern.
It is indeed a rare sight to see heavyweights like PBBANK to rally this much. Definitely worth monitoring as there must be huge capital flowing into this.
$IJM (3336.MY)$ since retracing back towards the RM 2.90+ main support levels on the daily chart earlier this month, had been able to regain its strength, holding well above its RM 3.10+ regions over the past weeks.
Today, it was able to breakout from its RM 3.30 major resistance levels with good volume, rallying towards the RM 3.40 region here despite the weak market sentiment. Although it still faced some selling pressure, its trend is still looking quite strong and healthy now.
As long as able to sustain, IJM could continue to trend back up towards the RM 3.70+ regions in the coming weeks and months as long as able to sustain.
$WENTEL (0298.MY)$ since breaking out towards the RM 0.39+ regions, had been retracing over the past month here, recently forming a solid dip region around the RM 0.30+ major support levels earlier this month.
Today, it announced superb QR results and the share price was able to remain resilient despite the weak market sentiment. This is a sign that the stock has likely bottomed out already.
If the market is favourable, a breakout from its RM 0.34+ main downtrend resistance levels would be a good start for anything interesting. Will be monitoring it closely.
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