Titan Trading Notes For Thursday [8/2/2024]:
KLCI closed green around the 1513 points region with an overall mixed market sentiment today as we still had over 550 counters closing red for the day. Daily trading volume only settled around the 3 billion range, which isn't so good.
Main stocks that showed strong buying momentum today would be the likes of AGX, YTLPOWR, YTL, IRIS, DIALOG, TANCO, and EWINT. All of which were able to sustain their rallies throughout the day on the top volumes list despite the mixed sentiment.
$TANCO(2429.MY$ probably stole the show today as it managed to breakout from its RM RM 0.55 major resistance levels and rallied all the way towards closing on its intraday high at RM 0.595 with good volume and buying momentum here.
So far still looking very strong and if able to hold above its RM 0.58+ immediate support region, could continue on towards and beyond the RM 0.60+ regions very soon here in the coming week.
Will be monitoring TANCO closely here for another entry opportunity.
$RENEUCO(7130.MY$ looking very terrible here as it broke down all the way towards the RM 0.035 regions with huge selling pressure. Although it was able to rebound and close at RM 0.05, it;s still not showing much signs of recovery here.
I have to warn all of you to avoid trading such counters, even if it's just for a quick rebound, the risks are extremely high due to the company's weak fundamentals and the ultrapenny state it is in now.
Will be monitoring RENEUCO closely here if able to rebound should be good, but will come at a high level of risk.
$MERSEC(0285.MY$ on the other hand since its earlier breakout towards the RM 0.54+ regions, had been retracing and consolidating over the past few weeks here with RM 0.38+ as the main support levels.
Recently, was able to breakout from its RM 0.40 regions to test the RM 0.41 levels with good volume. Seems to have formed its bottom already and if able to sustain, could breakout back towards and beyond the RM 0.435 - RM 0.45+ major resistance levels soon.
Will be monitoring MERSEC closely
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