Titan Trading Notes For Thursday [2/5/2024]:
KLCI had a brief retracement back towards the 1575 points region with an overall mixed market sentiment as we saw over 520 counters closing red for the day. Daily trading volume settled around the 4.1 billion mark, which is pretty decent.
Main stocks that showed strong buying momentum would be the likes of MYEG, ICONIC, OPPSTAR, SIMEPROP, CYPARK, SENDAI, ATAIMS, and SPSETIA. All of which were able to sustain their rallies throughout the day on the top volumes list.
$MYEG(0138.MY$ since breaking out towards the RM 0.95 regions last week, had been able to hold quite well above its RM 0.90+ immediate support levels despite facing some selling pressure here.
During Tuesday, it was even able to rebound back towards the RM 0.935+ regions with good volume and buying momentum here. For now as long as able to sustain above its RM 0.91+ immediate support, could continue on towards and beyond the RM 0.95 local high levels for a bullish continuation pattern.
MYEG looking quite strong here and could continue on an uptrend towards and beyond the RM 1+ regions if able to sustain this kind of buying momentum.
$OPPSTAR(0275.MY$ was definitely the superstar for the day as it was able to breakout strong all the way towards the RM 1.55 major resistance levels with good volume and buying momentum despite the mixed market sentiment.
This came after its announcement to collaborate with Samsung to produce industrial integrated circuits. For now definitely looking very strong here and if able to sustain above its RM 1.40+ immediate support, could continue on this uptrend towards and beyond the RM 1.70+ regions soon.
Will be monitoring OPPSTAR closely here to see how far it can go.
$SIGN(7246.MY$ since retracing briefly back towards its RM 1.20 immediate support levels, had been able to hold strong and swiftly broke out towards the RM 1.31 levels with good volume and buying momentum here despite being overbought.
Looking very strong for now here, and seems to be on an ongoing parabolic rally. Could continue on strong towards its RM 1.40+ major resistance levels soon as long as able to sustain above its RM 1.24+ immediate support levels.
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