Titan Trading Notes For Monday [11/3/2024]:
KLCI had a decent rebound back towards the 1539 points region during last Friday with an overall mixed market sentiment as we still had almost 500 counters closing red for the day. Daily trading volume settled around the 3 billion mark, which is just average for today's standards.
Main stocks that showed strong buying momentum would be the likes of MTEC, PMHLDG, AVALAND, EPICON, SIMEPROP,, TANCO, JAKS, GENTING, GPHAROS, DIALOG, KPJ, CIMB, and NOTION. All of which were able to sustain their rallies throughout the day on the top volumes list.
$PMHLDG(1287.MY$ since breaking out all the way towards the RM 0.17 regions, had been consolidating over the past 2 months here without much volume and action with RM 0.11+ as the main support levels on the daily chart.
For now still holding quite well here and as long as able to hold above its RM 0.11 - RM 0.12+ immediate support levels, could breakout from its RM 0.1335+ main downtrend resistance for a potential uptrend continuation pattern here.
PMHLDG seems to be forming an uptrend pattern here on the daily charts, will be monitoring it closely.
$AVALAND(5182.MY$ on the other hand was also able to breakout quite strong towards the RM 0.34 regions with good volume and buying momentum despite being slightly overbought on the daily chart here.
This came after a 2 week long consolidation period with its RM 0.30 area as the immediate support region on the daily chart. For now looking ripe for an uptrend continuation pattern and could be testing its RM 0.35 - RM 0.36+ regions soon.
Will be monitoring AVALAND closely here as seems to be on a strong uptrend.
$EDELTEQ(0278.MY$ since consolidating around the RM 0.28 - RM 0.30+ major support levels, had been able to form a pretty solid support over the past few weeks and was able to test its RM 0.33 main downtrend resistance during last Friday.
For now looking pretty ripe here and as long as able to sustain above its RM 0.31+ immediate support levels, could breakout from this RM 0.33+ main downtrend resistance for a potential rally up towards its RM 0.35 - RM 0.375+ major resistance levels soon to start a new uptrend.
RL had been trading on a major downtrend over the past year without much volume and buying momentum with RM 0.31+ as the main downtrend here on the daily chart.
Over the past week, it was able to rebound quite strongly from its RM 0.285+ support levels towards testing this main downtrend resistance. Seems to be quite ripe for a potential new uptrend here as long as able to hold above its RM 0.30 immediate support levels on the daily chart.
Will be monitoring RL closely here. The oil and gas theme is still doing quite well, and RL could be just starting its engine for the long run.
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