Titan Trading Notes For Tuesday [20/2/2024]:
KLCI had a good breakout back towards the 1538 points region today with an overall mixed market sentiment as we still saw over 550 counters closing red for the day. Daily trading volume remained around the 3.47 billion mark, which is still average for today's standards.
Main stocks that showed strong buying momentum would be the likes of RENEUCO, MMAG, MBSB, LAYHONG, THPLANT, MTEC, HEGROUP, WENTEL, IOIPG, ARMADA, CAPITALA, RSAWIT, JITASA, TDM, TSH, MRDIY, and VS. All of which were able to sustain their rallies throughout the day on the top volumes list.
$MBSB (1171.MY)$ after consolidating over the past 6-7 months without much volume and action, was finally able to breakout from its consolidation pattern and rallied all the way towards the RM 0.78+ regions with good volume and buying momentum.
So far still looking pretty strong here and seems quite ripe for a potential uptrend continuation pattern as long as able to hold above its RM 0.75+ immediate support, could continue to trend up towards the RM 0.80 - RM 0.82+ regions soon.
Will definitely be monitoring MBSB closely here to see how this potential new uptrend develops.
$MTEC (0295.MY)$ also looking pretty good here despite dipping back towards its RM 0.345+ regions over the past few weeks here. For now, seems ot be breaking new highs around the RM 0.45+ regions with good volume and buying momentum, following the recent IPO theme.
For now as long as able to sustain above its RM 0.43+ immediate support levels, could continue to breakout towards and beyond this all time high zones to test the RM 0.50+ regions soon in this week itself if able to sustain this kind of buying momentum.
Will be monitoring MTEC closely here to see how this goes.
While being on the IPO theme, $WENTEL (0298.MY)$ was definitely another one that's worth monitoring as it managed to breakout and formed new highs around the RM 0.33 regions with good volume and buying momentum despite testing its RM 0.30 support this morning.
For now still not showing any signs of weaknesses yet and as long as able to sustain above its RM 0.315+ immediate support levels, could breakout towards and beyond the RM 0.33 - RM 0.35+ regions in the coming few days itself.
Will still be monitoring WENTEL closely here as it's trending upwards very strongly here.
As for the plantation sector, THPLANT was definitely the leader this time as it surged over 45% over the past 2 weeks here, going on a parabolic rally recently, even testing its RM 0.85 regions today with huge volume and buying momentum.
For now not showing any signs of weaknesses yet and as long as able to hold above its RM 0.80+ immediate support, could continue on towards and beyond the RM 0.85 local high zones for an uptrend continuation pattern.
With that, THPLANT also managed to brought up other plantation players such as JTIASA, CEPAT, TDM, and TSH etc. to join in the rally. Will definitely be monitoring this sector closely.
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