Titan Trading Notes For Monday [4/3/2024]:
KLCI after a 2 week long rally, retraced back towards the 1538 points region during last Friday with an overall negative market sentiment as we saw almost 680 counters closing red along with it for the day. Daily trading volume settled around the 4.8 billion mark, which was still pretty good for today's standards.
Main stocks that showed strong buying momentum would be the likes of HM, RGB, DIALOG, TDM, SCIB, JTIASA, KPJ, SKPRES, RSAWIT, CEB, and YNHPROP. All of which were able to sustain their rallies throughout the day on the top volumes list despite the weak market sentiment.
$RGB(0037.MY$ was definitely the interesting one here as right after it posed a loss of about RM 20 million during its latest quarter, it opened red at RM 0.28 only to swiftly breakout back towards the RM 0.315 regions with huge volume here.
So far still sideways but the volume and buying momentum still looks interesting for RGB. As long as able to sustain above its RM 0.295+ immediate support levels, could still rebound back towards its RM 0.34+ main resistance levels soon.
Will be monitoring RGB closely here despite cutting my losses from this stock earlier.
$TDM(2054.MY$ on the other hand also had a massive breakout from its RM 0.22+ major resistance levels, rallying all the way towards the RM 0.26 regions with huge volume and buying momentum here despite being overbought.
This stock had been sideways over the past year here but for now seems to be looking very strong. If able to sustain above its RM 0.24+ immediate support levels, could start a brand new uptrend towards the RM 0.30++ regions soon if able to sustain.
Will be monitoring TDM closely here as something big seems to be brewing behind the scenes.
$WENTEL(0298.MY$ since breaking out towards the RM 0.35 all time high levels, had been retracing and consolidating over the past 2 weeks here without much volume and buying momentum with RM 0.31+ as its main support regions.
During Friday, it had a very strong breakout from its RM 0.33+ immediate resistance levels and rallied all the way towards the RM 0.345 regions with good volume and buying momentum near closing.
For now looking very strong here and will be monitoring WENTEL closely. If able to sustain, could be breaking out from the RM 0.35+ regions soon for a bullish continuation pattern.
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