Titan Trading Notes For Tuesday [4/6/2024]:
KLCI extended its losses towards the 1596 points region with an overall negative market sentiment as we still had over 850 counters closing red along with it for the week. Daily trading volume settled around the 5.4 billion mark, which is decent for current conditions.
Main stocks that showed strong buying momentum would be the likes of MYEG, NOTION, LAGENDA, KENERGY, UEMS, LHI, and SEALINK. All of which were able to sustain their rallies throughout the day on the top volumes list despite the weak market sentiment.
$MYEG (0138.MY)$ definitely stood out as it was able to breakout strong all the way towards the RM 1.12 regions with huge volume and buying momentum here on the daily chart despite the weak market sentiment and the earlier strong selling forces around the RM 1.05+ regions.
Seems to have formed its higher low regions around the RM 1+ support already here and as long as able to sustain this kind of buying momentum, could continue on towards and beyond the RM 1.12+ regions for an uptrend continuation pattern.
Will be monitoring MYEG closely here.
$LAGENDA (7179.MY)$ following the release of its MD on bail, had been able to recover quite well from the RM 0.85+ regions all the way towards the RM 1.22 levels with good volume and buying momentum here.
For now forming an immediate support region around its RM 1.20+ support levels on the hourly charts and if able to sustain here, could rebound further towards the RM 1.30+ regions soon.
Note that as of now, the MD is released on bail and there seems to be no material difference on the companies operations and ability to fulfill its orderbook. This is a different case compared to SERBADK earlier.
$DNEX (4456.MY)$ since breaking out towards the RM 0.495 regions, had been retracing over the past week back towards its RM 0.44+ main support levels on the daily chart here, potentially forming a higher low region.
For now still looking quite good here and as long as able to sustain, could continue to trend back towards and beyond the RM 0.50+ regions soon in the coming weeks if this uptrend is legit.
$NOTION (0083.MY)$ over the past month, had been trending upwards very strongly from its RM 0.60+ regions, heading all the way towards the RM 1.60+ regions during last Friday with huge volume and buying momentum.
For now as long as able to sustain above its RM 1.40+ main uptrend support, could continue on this parabolic wave further towards and beyond its RM 1.70+ regions soon in the coming weeks.
Will be monitoring NOTION closely here
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