Titan Trading Notes For Tuesday [3/9/2024]:
KLCI had a brief retracement back towards the 1678 points region with an overall positive market sentiment as our market started to rebound from the bloodbath over the past few weeks. Daily trading volume settled around the 3.2 billion mark, which is just average.
Main stocks that showed strong buying momentum would be the likes of MRCB, NOTION, GENETEC, CEB, EKOVEST, CIMB, SPSETIA, JCY, TANCO, VTC, NCT, YTL, FFB, YTLPOWR, and IWCITY. All of which were able to sustain their rallies throughout the day on the top volumes list.
$NOTION (0083.BMS)$ definitely stole the spotlight today after being able to gap up at RM 0.985 and rallied all the way towards the RM 1.18 regions with huge volume and buying momentum during the morning session.
Although it faced some selling pressure and saw it close back towards the RM 1.13 regions, its still looking quite strong for a technical rebound here. As long as able to sustain above its RM 1.07 immediate support, could continue on towards and beyond the RM 1.20++ regions soon.
Will be monitoring NOTION closely. May be too early to decide if it's on a total trend reversal yet, but this rebound sure is strong and long awaited after its huge selling spree over the past month.
$GENETEC (0104.BMS)$ on the other hand was also able to rebound quite well back towards the RM 1.10+ regions with huge volume and buying momentum. Although it did face some selling pressure, its closing price of RM 1.07 was still not too bad.
In terms of technical rebounds after a huge sell off, it's still trailing behind NOTION but if able to sustain above its RM 1.05 immediate support, could breakout from its RM 1.11+ main downtrend resistance for a larger rebound soon.
Will be monitoring GENETEC closely here.
Although $CEB (5311.BMS)$ was able to breakout briefly back towards the RM 0.38 regions with decent buying volume, it still is facing some selling pressure which saw the stock close back towards the RM 0.37 regions.
Seems to still be lacking the buying momentum it needs to breakthrough from the RM 0.40++ regions and go for a further rebound here. But as long as the support around RM 0.37 is able to hold, could still expect a breakout to come anytime.
Will be monitoring CEB closely.
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