Titan Trading Notes For Thursday [16/5/2024]:
KLCI had a brief retracement back towards the 1603 points region with an overall mixed market sentiment as we still saw over 570 counters closing red for the day along with the index. Daily trading volume however soared high almost reaching the 6.2 billion mark, which is an extremely bullish sign.
Main stocks that showed strong buying momentum would be the likes of TOPGLOV, SINKUNG, SUPERMX, CAREPLS, MYEG, AHB, PA, HARTA, HLT, KOSSAN, HEXCARE, COMCORT, MAHSING, ADVENTA, ESCERAM, MBSB, LKL, AZRB, and K1. All of which were able to sustain their rallies throughout the day on the top volumes list.
Main star for the day would definitely be $TOPGLOV(7113.MY$ , leading the enter glove sector by hitting its limit up price at RM 1.26 today with overwhelming buying momentum and volume here.
This came after the US increased a tariff hike on Chinese medical grade gloves, which is good news for Malaysian glove companies. With TOPGLOV as its leader showing no sign of weakness yet, expecting the glove theme to be in play in the coming weeks.
Will be monitoring TOPGLOV closely here.
$MYEG(0138.MY$ since consolidating over the past few days with RM 0.98+ as the main support levels, was able to breakout strong today all the way towards the RM 1.05 regions with huge volume and buying momentum.
For now looking quite strong here and as long as able to sustain this kind of buying momentum, could continue on this uptrend towards the RM 1.08 - RM 1.10+ major resistance levels soon in the coming weeks.
Will be monitoring MYEG closely as seems to be on a very strong uptrend.
$ADB(0276.MY$ still seems to be consolidating here with RM 0.97+ as the main support levels on the hourly charts here and despite the mixed market sentiment today, was still able to hold well above it.
For now seems to be forming its higher low support region here and if able to sustain, could be breaking out towards and beyond the RM 1.04 all time high zones soon for an uptrend continuation pattern.
$EPICON(4847.MY$ after taking a huge hit from sellers after upliftment of its PN17 status, had been retracing and consolidating over the past 1-2 weeks here with RM 0.41+ as the main support levels on the daily chart.
Today, it seems to be showing signs of it neutralizing the selling pressure as it was able to rebound back towards the RM 0.425 regions today. if able to form a higher low here, could be rebounding back towards the RM 0.45 - RM 0.47+ regions soon.
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