Titan Trading Notes For Thursday [25/7/2024]:
KLCI retraced back towards the 1621 points region with an overall negative market sentiment as we still saw over 770 counters closing red for the day after the brief rebound yesterday. Daily trading volume also saw a decline back towards the 4.3 billion mark.
Main stocks that showed strong buying momentum would be the likes of MYEG, JCY, DATAPRP, MASTEEL, TANCO, and KJTS. All of which were able to sustain their rallies throughout the day on the top volumes list despite the weak market sentiment.
$MYEG (0138.BMS)$ since breaking out towards the RM 1.15 regions, had actually been taking quite a beating, retracing all the way towards its RM 0.97+ major support levels over the past month here.
For now seems to have formed a solid base region already and today was able to breakout back towards the RM 1+ regions with good volume. Looks quite ripe here for a potential uptrend continuation back towards the RM 1.07+ regions if able to sustain this buying momentum.
Will be monitoring MYEG closely here as I believe the heavy sellers have almost been absorbed completely.
$JCY (5161.BMS)$ after retracing back towards the RM 0.67+ major support level this this week, was able to rebound strong and broke out towards the RM 0.74+ regions with huge volume and buying momentum today.
This seems to be a strong sign that it's reached its mid term dip regions already and if able to sustain, could breakout from its RM 0.75 main downtrend resistance levels for an uptrend continuation pattern soon.
Will be monitoring JCY closely here
$NOTION (0083.BMS)$ since breaking out from its RM 2 major resistance levels, been performing quite well today, breaking out all the way towards the RM 2.15 regions with huge volume and buying momentum despite the weak market sentiment and cash upfront requirement.
Do note that due to the cash upfront requirements imposed by brokers, NOTION has mainly been dominated by institutional funds.
For now as long as able to sustain above its RM 2 main support, could continue its uptrend trajectory towards the RM 2.20 - RM 2.30+ regions soon.
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