General Notes For Monday [22/1/2024]:
KLCI managed to rebound back towards the 1486 points region during last Friday with an overall positive market sentiment as the overall market started to rebound after the panic selling spree earlier last week.
Daily trading volume settled around the 5.39 billion range, which is pretty healthy for now. Main stocks that showed strong buying momentum would bet he likes of ARTRONIQ, DNEX, UEMS, PA, YTLPOWR, EKOVEST, MRCB, YTL, CAPITALA, IWCITY, RGB, ASDION, E&O, SUNWAY, SIMEPROP, and PMHLDG. All of which were able to sustain their rallies throughout the day on the top volumes list.
$ARTRONIQ(0038.MY$ although retraced all the way back towards the RM 0.195 levels, had been able to rebound quite well here last Friday towards the RM 0.295 regions with good volume. Seems like the rebound here is quite strong compared to the other stocks.
For now supported around its RM 0.265 regions and if able to hold, could breakout from its RM 0.295 major resistance levels and bounce back towards the RM 0.36++ major resistance levels soon in the coming weeks.
Will be monitoring ARTRONIQ closely here.
$MRCB(1651.MY$ on the other hand also performing quite well here as it managed to hold well above its RM 0.485+ immediate support levels on the daily chart here as a potential higher low regions.
During last Friday, was able to rebound back towards the RM 0.52 regions with good volume and buying momentum here, and as long as able to sustain, could trend back towards and beyond its RM 0.55+ major resistance levels soon for an uptrend continuation pattern.
MRCB looking very healthy here for an up trending counter. Will be monitoring it closely.
$ECONBHD(5253.MY$ over the past week although took quite a hit and retraced back towards the RM 0.30+ support, was able to rebound back towards the RM 0.33+ regions last Friday with good volume and buying momentum.
So far looks like it's formed its higher low regions here already on the daily chart and if able to sustain, could breakout from its RM 0.35 - RM 0.37+ major resistance levels for an uptrend continuation pattern.
Will be monitoring ECONBHD closely as it's riding along the property sector quite well here.
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