Titan Trading Notes For Tuesday [30/4/2024]:
KLCI had a good breakout towards the 1582 points region with stocks like YTLPOWR and YTL leading the index. However, the overall market sentiment was mixed today as we had over 430 counters closing red for the day. Daily trading volume settled around the 4.2 billion mark, which is still decent.
Main stocks that showed strong buying momentum would be the likes of TOPGLOV, CAPITALA, YTL, YTLPOWR, MINETEC, SIMEPROP, YNHPROP, UEMS, AAX, CAREPLS, and SNS. All of which were able to sustain their rallies throughout the day on the top volumes list.
$TOPGLOV (7113.BMS)$ after consolidating over the past few months with RM 0.78+ as the main support levels on the daily chart, was able to breakout strong today from its RM 0.86+ major resistance, rallying all the way towards the RM 0.89 regions.
For now looking quite strong here and as long as able to sustain above its RM 0.86+ immediate support levels, could continue on towards testing its RM 0.92+ major downtrend resistance levels soon in the coming week.
Will be monitoring TOPGLOV closely here.
$CAPITALA (5099.BMS)$ on the other hand since breaking out towards the RM 1.12 regions, had been retracing on a downtrend over the past year here without much volume and action.
Recently, it was able to form a solid base around its RM 0.65+ major support levels and was able to breakout from its RM 0.72+ main downtrend resistance last week with good volume and buying momentum.
If able to sustain above its RM 0.755+ immediate support levels, could continue on an uptrend towards the RM 0.825 - RM 0.85+ major resistance levels soon. Will be monitoring CAPITALA closely as seems to be forming a new uptrend.
$PBA (5041.BMS)$ since retracing and consolidating over the past few months, was able to form a solid base around its RM 1.75+ major support levels on the daily chart and today, was able to breakout strong from its RM 1.90+ major resistance and rallied all the way towards the RM 2.08 levels with good volume and buying momentum.
Although it faced some selling pressure above the RM 2= regions but as long as able to sustain above its RM 1.90+ immediate support levels, could continue on towards the RM 2.20+ major resistance levels soon in the coming week.
Will be monitoring PBA closely here and if able to sustain, could continue on a bullish uptrend once more.
$SNS (0259.BMS)$ since breaking out towards the RM 0.425 regions, had been retracing and consolidating over the past few weeks here and recently formed a solid base around its RM 0.35+ major support levels.
Seems to have stabilized already and if able to sustain as a higher low, could be breaking out towards the RM 0.385+ major resistance levels soon in the coming few days for at least a technical rebound. If the breakout is strong, could even start trending back towards the RM 0.40 - RM 0.42+ regions soon.
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