Titan Trading Notes For Monday [5/2/2024]
Although KLCI had a decent rebound back towards the 1516 points region during last Friday, the overall market sentiment was a bearish one as we saw around 690 counters closing red. Daily trading volume settled around the 3.65 billion mark, which isn't so great too.
Main stocks that showed strong buying momentum would be the likes of RENEUCO, TSA, CTOS, SIME, MYEG, and PBBANK. All of which were able to sustain their rallies throughout the day on the top volumes list despite the weak market sentiment.
$CTOS (5301.BMS)$ after consolidating for the past year without much volume and action, was finally able to revive itself last week by breaking out towards the RM 1.50+ regions with good volume.
For now seems to be slowly trending upwards here as long as able to hold above its RM 1.46+ immediate support levels on the daily chart. Overall looking quite promising here.
Will be monitoring CTOS closely, company QR performance had also been doing well.
$MYEG (0138.BMS)$ over the past 2 months had been retracing and consolidating since failing to breakout from its RM 0.84+ main downtrend resistance levels on the daily chart.
For now seems to be holding quite well above its RM 0.76+ major support levels, and if able to hold around this region and breakout from the RM 0.80 levels, could be testing its RM 0.815 - RM 0.84+ regions soon once more.
Will be monitoring MYEG closely here.
$TANCO (2429.BMS)$ after consolidating and retracing over the past 2 weeks, had been able to hold above the support around the RM 0.48+ regions here and broke out from the RM 0.50+ immediate downtrend resistance with good volume and momentum.
For now looking quite good here and as long as able to hold above its RM 0.50+ immediate support region, could breakout back towards the RM 0.535 - RM 0.55+ major resistance levels soon for a stronger rebound.
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