Titan Trading Notes For Tuesday [14/5/2024]:
KLCI had a decent rebound today, closing green around the 1602 points region with an overall positive market sentiment. Daily trading volume remained decent around the 4.5 billion mark.
Main stocks that showed strong buying momentum would be the likes of MMAG, MYEG, SENDAI, AWANTEC, MI, REVENUE, JIANKUN, EWINT, KNM, GENM, IOIPG, SFPTECH, GENTING, and SEALINK. All of which were able to sustain their rallies throughout the day on the top volumes list.
$MMAG(0034.MY$ was definitely the main star for the day as it managed to breakout strong from its RM 0.215+ major resistance levels and rallied all the way towards the RM 0.375 levels with huge volume and buying momentum here.
For now looking very strong and seems to be in the midst of a parabolic rally. If able to sustain this kind of buying momentum, could continue on towards the RM 0.40+ regions in the coming week.
Will monitor MMAG closely but I have to caution that trading this stock will come with very high levels of risk as there is no visible support level at the moment.
$SENDAI(5205.MY$ on the other hand also not showing any signs of slowing down here as it was ale to breakout all the way towards the RM 0.785 regions with huge volume and buying momentum despite being overbought on the daily chart.
For now looking very strong and is definitely on a parabolic rally here. As long as able to sustain above its RM 0.70+ immediate support levels, could continue on towards and beyond the RM 0.80+ regions soon.
Will monitor SENDAI closely but also have to caution on the higher levels of risk when entering at such a high price point.
$ADB(0276.MY$ since breaking out towards the RM 1.04 regions to form its new high, had been retracing over the past month here without much volume and action, forming a solid support around the RM 0.955+ levels.
Recently, it was able to rebound quite well and today, was even able to test its RM 1 resistance levels. For now, it's looking quite healthy here and if able to form a higher low base, could continue to wards and beyond its RM 1.04 all time high levels for an uptrend continuation pattern.
Will be monitoring ADB closely
$SIGN(7246.MY$ since breaking out towards the RM 1.51 regions, had been consolidating over the past few trading days and formed a solid base around its RM 1.43+ immediate support levels on the hourly charts.
For now looking quite strong here as it was able to breakout back towards the RM 1.50 regions today with good volume and buying momentum. As long as able to keep this kind of buying momentum, could continue on towards the RM 1.60+ regions soon here.
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