Titan Trading Notes For Monday [5/8/2024]:

KLCI took quite a hit and retraced back towards the 1611 points region with an overall bearish market sentiment during last Friday as we saw panic selling happen across the board with over 1300 counters closing red as well. Daily trading volume settled around the 5.1 billion mark, which is mainly dominated by selling activities.

Only BAHVEST and PBBANK showed strong buying momentum on the top volumes list despite the weak market sentiment, while all the others were taking quite a hit and some even sustaining huge losses from the panic selling wave.

For now heading back lower here and potentially could test the RM 0.935+ main support levels here soon in the coming week before rebounding back towards the RM 1 main downtrend resistance.

Will be monitoring MYEG closely here.

This is a pretty good sign here and although still unable to breakout from its RM 0.55 main downtrend resistance, as long as able to sustain above its RM 0.49 - RM 0.50+ immediate support level, could breakout soon due to recession fears, gold counters like these may flourish.

Will be monitoring BAHVEST closely here.

For now still looking quite strong here and as long as able to sustain above its RM 2+ main support levels, could still continue to trend up towards and beyond the RM 2.25 - RM 2.30+ major resistance levels soon for an uptrend continuation pattern.