Titan Trading Notes for Tuesday [27/2/2024]:
KLCI had a brief retracement back towards the 1547 points region with an overall mixed market sentiment today we we saw over 630 counters closing red for the day. Daily trading volume also settler around the 3.7 billion mark, which is pretty decent for now.
Main stocks that showed strong buying momentum would be the likes of YTL, LAYHONG, DNEX, MTEC, LHI, IWCITY, MRDIY, SENFONG, NOTION, DAYANG, JOE, PWRWELL, and UEMS. All of which were able to sustain their rallies throughout the day on the top volumes list.
$LAYHONG (9385.BMS)$ had a huge breakout towards the RM 0.445 regions with big volume and buying momentum today after its superb QR results that was announced during lunch time.
For now quite overbought here but as long as able to hold above its RM 0.40+ immediate support levels, could continue on towards and beyond the RM 0.445+ major resistance levels soon for its parabolic rally continuation pattern.
Will be monitoring LAYHONG closely here as something big could be brewing behind the scenes.
$MTEC (0295.BMS)$ on the other hand was also a superstar stock here as it managed to breakout strong from its RM 0.57 all time high in the morning and rallied all the way towards the RM 0.65 regions with huge volume and buying momentum, even closing on its intraday high here.
Definitely on a very strong uptrend here, and is leading the overall IPO theme with WENTEL, KJTS, and HEGROUP lagging behind here. As long as able to hold above its RM 0.585+ support, could continue on here very strongly.
Will be monitoring MTEC closely here to see how far it could go.
$CHGP (7187.BMS)$ after retracing and trading on a downtrend over the past year here since breaking out towards the RM 1.28 regions, was finally able to breakout from its 0.85+ main downtrend resistance levels with good volume and buying momentum today.
It was even able to close around the RM 0.90 regions today and as long as able to sustain above its RM 0.85+ immediate support, could continue on a brand new uptrend towards and beyond the RM 1++ regions soon here.
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Bryan_ : Hey there, do you think there might be something weird that keep $MTEC (0295.BMS)$ being higher and higher?
Thank you!
Titan Trading OP Bryan_ : What do you mean by something weird? haha Can only say the market seems to favour this a lot compared to its peers. Market does not always need to have a specific reason for a particular stock to go up