General Notes For Friday [24/11/2023]

$KLSE-KLCI had a brief retracement back towards the 1453 points region today with an overall negative sentiment as we still had more than 530 counters closing red for the day today. However, daily trading volume was able to remain high around the 3.7 billion range today.

Main stocks that showed strong buying momentum today would be the likes of TOPGLOV, LEFORM , SUPERMX, CAREPLS, JCY, MERSEC, HARTA, CFM, HEXCARE, UEMS, and JSB. All of which were able to sustain their rallies throughout the day on the top volumes list despite the weak market sentiment.

$TOPGLOV / 7113 (TOP GLOVE CORPORATION BHD) performing quite well over the past week here since breaking out from its RM 0.80 major resistance levels, breaking out all the way back towards the RM 0.88+ levels today with good volume despite being overbought on the daily chart.

For now not showing any sign of weakness yet and if able to sustain this kind of buying momentum, could breakout from the RM 0.88+ levels to test the RM 0.95+ major resistance levels soon in the coming weeks.

Will still be monitoring TOPGLOV closely here.

$BTECH / 0011 (BRITE-TECH BERHAD) since breaking out from its RM 0.33+ immediate downtrend resistance, had been inching upwards slowly over the past 2 days, even closing on its intraday high at RM 0.345 today.

For now, the volume is still not much yet but as long as able to hold above its RM 0.33+ immediate support levels, could be breaking out towards the RM 0.36+ immediate resistance levels very soon for at least at technical rebound.

$JCY / 5161 (JCY INTERNATIONAL BERHAD) was able to stage a strong breakout from its RM 0.245 major resistance and test the RM 0.25 levels today with good volume on the daily chart, so far looking pretty good here.

Although it wasn't able to close on its intraday high of RM 0.25, its closing price of RM 0.24 was still a pretty good sign here and as long as able to hold above its RM 0.23+ immediate support levels, could continue on towards breaking out to the RM 0.275+ levels very soon here for a bullish continuation.