Titan Trading Notes For Tuesday [5/11/2024]:
$FTSE Bursa Malaysia KLCI Index (.KLSE.MY)$ had a decent rebound back towards the 1616 points region with an overall mixed market sentiment though as we still saw over 480 counters closing red for the day. Daily trading volume still remains low around the 2.4 billion mark, which isn't so great.
Main stocks that showed strong buying momentum would be the likes of CEB, BAHVEST, SORENTO, OBHB, MYEG, SDCG, CIMB, YTL, TANCO, JPG, HAWK, BJFOOD, EKOVEST, GAMUDA, CAREPLS, and CYPARK. All of which were able to sustain their rallies throughout the day on the top volumes list.
$CEB (5311.MY)$ was definitely the star performer today as it managed to breakout all the way towards the RM 0.35 regions with huge volume and buying momentum today after consolidating around the RM 0.305+ major support levels just last week.
This came after The Edge's latest article on CEB, mentioning possibilities of a takeover by parties like Ekuinas. So far still looking quite strong here and as long as able to hold above its RM 0.33 support, could continue on towards and beyond the RM 0.36+ major resistance levels soon.
Will be monitoring CEB closely here.
$BAHVEST (0098.MY)$ on the other hand since retracing back towards the RM 0.80+s support levels last week, had been able to breakout from its RM 0.86 major resistance levels and rallied all the way towards the RM 0.97 regions with huge volume and buying momentum today.
So far looking very strong here and as long as able to sustain above its RM 0.90+ immediate support levels, could continue on towards and beyond its RM 0.97 - RM 1 major resistance levels soon.
BAHVEST is quite overbought to me, but definitely worth to monitor as it's one of the leading stocks in the market.
$THPLANT (5112.MY)$ following the plantation sector's rally, was able to breakout from its RM 0.67 major resistance levels and rallied all the way towards the RM 0.70 regions with good volume and buying momentum today.
So far still looking quite strong here and as long as able to hold above its RM 0.67 immediate support levels, could continue on towards and beyond its RM 0.715+ major resistance levels soon in the coming weeks.
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