General Notes For Tuesday [16/1/2024]:
KLCI had a good breakout once again back towards the 1501+ regions today with an overall positive market sentiment as market volume reached nearly the 5 billion mark today.
Main stocks that showed strong buying momentum would be the likes of MRCB, E&O, SCIB. UEMS, ECONBHD, YTLPOWR, YTL, INSAS, SPSETIA, SIMEPROP, JTGROUP, JOE, PA, IOIPG, IJM, and SUNWAY. All of which were able to sustain their rallies throughout the day on the top volumes list.
$E&O (3417.MY)$ since breaking out from its RM 0.62+ main downtrend resistance, had been rallying very strongly over the past 2 weeks, breaking out all the way towards the RM 0.93 regions today with good volume.
For now looking very strong here and not showing any sign of weakness yet, and as long as able to sustain above its RM 0.90 immediate support levels, could breakout towards the RM 1 - RM 1.10 major resistance levels soon.
Definitely the upcoming property segment's superstar here, and worth to monitor.
$ECONBHD (5253.MY)$ on the other hand also performing quite well here as it managed to breakout strong from its RM 0.35 major resistance levels to test the RM 0.37 regions today with good volume and buying momentum.
This came after a few month-long consolidation around the RM 0.28 - RM 0.30+ regions over the past few months on the daily chart. For now as long as able to hold above its RM 0.34+ immediate support levels, could breakout back towards the RM 0.40+ major resistance levels soon.
Will be monitoring ECONBHD closely here
$EFRAME (0227.MY)$ over the past few weeks here had been rallying quite well here as it managed to breakout back towards the RM 0.92+ regions here with good volume today.
For now still mainly resisted by the RM 0.95+ main downtrend resistance, but as long as able to hold above its RM 0.90+ immediate support regions, could breakout strong towards and beyond the RM 0.95+ levels soon for an incoming uptrend rally here.
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