Titan Trading Notes For Wednesday [3/7/2024]:
KLCI had a brief retracement which led it to close red around the 1597 points region with an overall mixed market sentiment as we saw over 450 counters closing red along with it for the day. Daily trading volume settled around the 5.3 billion mark, which is still a decent sign though.
Main stocks that showed strong buying momentum would be the likes of UUE, VELESTO, HIAPTEK, PWRWELL, EKOVEST, CLOUDPT, WCT, SIMEPROP, MCLEAN, CMSB, IFCAMSC, IJM, SUNWAY, EVERGRN, and SALCON. All of which were able to sustain their rallies throughout the day on the top volumes list.
$HIAPTEK(5072.MY$ had a huge breakout from its RM 0.46 major resistance and rallied all the way towards the RM 0.49 regions with huge volume and buying momentum here after retesting its RM 0.41+ major support levels just last week.
Looking quite strong here and as long as able to hold above its RM 0.46+ immediate support levels on the daily chart, could continue on towards and beyond the RM 0.49 - RM 0.50+ major resistance levels soon in the coming weeks.
Rising demand for steel due to construction of data centers will most likely be the main catalyst for steel stocks like HIAPTEK. Will be monitoring it closely.
$MCLEAN(0167.MY$ since breaking out towards the RM 0.475 regions earlier last week, had been retracing back towards its RM 0.365+ major support levels and formed a good support there.
Today, was able to breakout from its RM 0.40+ major resistance levels and rallied all the way towards the RM 0.45 regions with huge volume and buying momentum here, suggesting a potential uptrend continuation pattern soon.
Will be monitoring MCLEAN closely here.
$FAJAR(7047.MY$ after retracing and consolidating over the past few weeks around its RM 0.47+ major support levels, seems to have formed its higher low region here already and today, was able to breakout towards the RM 0.50+ regions with good volume and buying momentum.
Although wasn't able to close on its intraday high, its closing price of RM 0.49 was still a pretty good sign here. For now as long as able to sustain above its RM 0.47+ main support levels, could continue on to trend up towards and beyond the RM 0.54+ major resistance levels soon.
Will be monitoring FAJAR closely
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
Read more
Comment
Sign in to post a comment
