Titan Trading Notes For Wednesday [7/8/2024]:
KLCI had a good rebound back towards the 1574 points region today after the huge panic selling wave yesterday from the Nikkei crashing. Daily trading volume settled around the 6.3 billion mark, mostly dominated by buyers fortunately.
Main stocks that showed strong buying momentum today would be the likes of MYEG, VELESTO, SIMEPROP, WCT, TOPGLOV, JCY, MRCB, SUNWAY, UEMS, RGB, ARMADA, MAHSING, HIAPTEK, SPSETIA, DNEX, IJM, HARTA, ECOWLD, VS, YTL, and INARI. All of which were able to sustain their rallies throughout the day on the top volumes list.
Among others, $WCT (9679.BMS)$ was one of the stronger ones as it was able to hold above its RM 0.95+ main support levels over the past few days here and rebounded back above the RM 1+ regions already today with good volume.
For now could be forming a higher low region here and if able to breakout from its RM 1.05+ resistance levels, could continue to rebound further towards the RM 1.15+ regions soon.
Will be monitoring WCT closely here.
$JCY (5161.BMS)$ since breaking out towards the RM 0.93 major resistance levels, had been retracing over the past 2 months here and today, rebounded quite strongly from its RM 0.525+ major support levels with good volume and buying momentum.
For now could be forming a mid term dip region around the RM 0.525+ regions here on the daily chart and if able to sustain, could trend back towards the RM 0.65+ major resistance levels soon once more.
Although JCY is the least profitable HDD supplier among DUFU and NOTION, it ironically has the biggest market capitalization. Hence, will still be worth monitoring here.
$THETA (9075.BMS)$ on the other hand is performing quite well here despite the huge panic selling wave earlier this week, still being able to hold well above its RM 2+ major support levels on both the hourly and daily charts.
For now climbing back well here towards the RM 2.27+ regions and if able to sustain, could breakout from its RM 2.40+ immediate downtrend resistance levels for an uptrend continuation pattern soon.
NIISE project will be announcing soon and THETA will be one of the main contenders. Will be monitoring it closely.
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