Titan Trading Notes For Wednesday [20/3/2024]:
KLCI closed red around the 1544 points region today with an overall mixed market sentiment as we settled with over 500 counters closing red for the day. Daily trading volume settled around the 4 billion mark, which is decent.
Main stocks that showed strong buying momentum would be the likes of FITTERS, SUNWAY, GFM, MMAG, INTA, E&O, PMHLDG, EMCC, JOE, UEMS, FAJAR, and WENTEL. All of which were able to sustain their rallies throughout the day on the top volumes list.
$SUNWAY(5211.MY$ was definitely one of the best performers today as it broke out from its RM 3.10 previous all time high and rallied all the way towards the RM 3.34 regions to form a new all time high today despite being overbought.
Looking very bullish here on the daily chart with no sign of weakness at all. Could be in it for a long term uptrend, similar to YTL and YTLPOWR's rallies earlier.
Will be monitoring SUNWAY and its counterpart, SUNCON closely here as seems to be in a mega uptrend.
$E&O(3417.MY$ after trading sideways over the past few months, was able to breakout from its RM 0.975 major resistance levels and rallied all the way towards the RM 1.02 levels with huge volume and buying momentum.
Although closed at RM 0.995, still looking very bullish here and as long as able to sustain above its RM 0.92+ immediate support levels on the daily chart, could continue on its rally towards and beyond the RM 1.02+ regions here.
Will be monitoring E&O closely as seems to be ripe for another uptrend wave.
$RL(0219.MY$ since breaking out towards the RM 0.34 regions, had been retracing and consolidating around the RM 0.31+ support levels over the past week here and seems to be holding quite well on the daily chart.
For now if able to sustain as a higher low around this region, could continue on to breakout towards the RM 0.335 - RM 0.35+ regions soon in the coming weeks.
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