General Notes For Wednesday [20/12/2023]:

$KLSE-KLCI had a decent performance today as it was still able to close green around the 1465 points region with the property sector leading the market. However, the market sentiment cannot be said to be a positive one as we still had over 430 counters closing red for the day.

Daily trading volume remained decent around the 3.7 billion range. Main stocks that showed strong buying momentum would be the likes of IWCITY, UEMS, EKOVEST, SCIB, ASDION, YTL, KAB, SIMEPROP, YTLPOWR, and MERSEC. All of which were able to sustain their rallies throughout the day on the top volumes list.

$IWCITY / 1589 (ISKANDAR WATERFRONT CITY BERHAD) was definitely one of the leaders for today as it broke out from its RM 0.65 main downtrend channel resistance and rallied all the way towards the RM 0.69+ regions with huge volume and buying momentum today despite the negative sentiment.

So far looking quite strong here after 4-5 months of retracement and consolidation without much volume and action. For now as long as able to hold above the RM 0.65 immediate support levels, could breakout back towards the RM 0.74+ major resistance levels soon.

Will be monitoring IWCITY closely here as it should be one of the leaders for the Johor-related property counters.

$SKBSHUT / 7115 (SKB SHUTTERS CORPORATION BERHAD) since breaking out towards the RM 0.75 major resistance levels, had been retracing consistently over the past 2 months all the way back towards the RM 0.55+ major support levels.

Today, it was finally able to rebound back towards the RM 0.58+ regions with decent volume after strong BOD signals had been formed over the past few days on the daily chart, suggesting a potential dip region here already.

If able to sustain, could rebound back towards the RM 0.66 - RM 0.68+ main resistance levels soon on the daily chart. Will be monitoring SKBSHUT closely