Titan Trading Notes For Monday [4/11/2024]:
$FTSE Bursa Malaysia KLCI Index (.KLSE.MY)$ rebounded slightly back towards the 1603 points region with an overall mixed market sentiment during last Friday as we still saw over 540 counters closing red for the day. Daily trading volume remains low around the 2.1 billion mark, which isn't a good sight.
Main stocks that showed strong buying momentum would be the likes of ELRIDGE, JPG, PBBANK, VS, NE, TANCO, TDM, SIME, PERDANA, and YTLPOWR. All of which were able to sustain their rallies throughout the day on the top volumes list.
$ELRIDGE (0318.MY)$ was definitely one of the best performers for last Friday as it was able to breakout strong from its RM 0.445 major resistance levels and rallied all the way towards the RM 0.48 regions, forming a new all time high with good volume and buying momentum.
For now looking very strong here and as long as able to hold above its RM 0.455+ immediate support levels, could continue on towards and beyond the RM 0.50++ psychological resistance levels soon in the coming weeks.
Will be monitoring ELRIDGE closely here as seems to be very strong.
$JPG (5323.MY)$ on the other hand after briefly retracing back towards its RM 1.02 support levels last week, was able to breakout all the way towards the RM 1.14 regions on Friday, forming a new high once again with huge volume and buying momentum.
For now, it's definitely one of the most bullish plantation stocks here and as long as able to hold above its RM 1.07+ immediate support levels, could continue on this bullish rally in the coming weeks, forming new highs as the FCPO prices rally.
Will be monitoring JPG closely here as it leads the entire plantation sector.
$KOSSAN (7153.MY)$ since consolidating over the past month here with RM 2.05 as the main support levels, was able to breakout back towards the RM 2.14 regions on Friday with good volume and buying momentum here despite the mixed market sentiment.
For now looking quite strong and if able to breakout from its RM 2.15+ main downtrend resistance levels on the daily chart, could start trending upwards to the RM 2.20 - RM 2.30+ major resistance levels soon in the coming weeks.
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