Titan Trading Notes For Wednesday [28/8/2024]:
KLCI had a good breakout towards the 1652 points region today but unfortunately, our market sentiment remains in a bearish tone as we still saw 640 counters closing red for the day. Daily trading volume settled around the 3.18 billion mark, mostly dominated by selling activities.
Main stocks that showed strong buying momentum today would be the likes of VELESTO, PBBANK, TANCO, MAYBANK, SPSETIA, PMETAL, PBA, AMBANK, and BJLAND. All of which were able to sustain their rallies throughout the day on the top volumes list.
$PBBANK (1295.MY)$ although retraced back towards the RM 4.50+ main support levels over the past few days, was able to hold above its support and broke out strong all the way towards the RM 4.70 major resistance levels today with huge volume and buying momentum.
So far looking very strong here and as long as able to sustain above its RM 4.60+ immediate support levels, could continue on towards and beyond the RM 4.85+ regions soon for an uptrend continuation pattern.
Will be monitoring PBBANK closely here as still seems to be trending upwards strongly.
$MAYBANK (1155.MY)$ on the other hand also showed similar price action, since retracing back towards the RM 10.40+ main support levels on the hourly charts, had been able to hold above it as a higher low and broke out towards the RM 10.70++ regions today with huge volume and buying momentum.
For now looking quite bullish here and seems to be the main focus on smart monies now. As long as able to hold above its RM 10.60+ immediate support, could continue on towards and beyond the RM 11++ regions soon.
Will be monitoring MAYBANK closely here.
$HUPSENG (5024.MY)$ despite the negative market sentiment, was able to breakout from its RM 1.10+ main downtrend resistance and rallied towards the RM 1.12 regions with good volume and buying momentum today.
For now seems to have formed its higher low regions already over the past few weeks with RM 1 as the main support. As long as able to sustain above its RM 1.08 immediate support levels on the daily chart, could continue on towards and beyond the RM 1.20++ regions soon.
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