Titan Trading Notes For Wednesday [7/2/2024]:
KLCI rebounded back towards closing green around the 1512 points today with an overall mixed market sentiment as we still had over 450 counters closing red for the day. Daily trading volume remained low around the 3 billion volume only. Seems like the overall market is enjoying an early CNY break already.
Main stocks that showed strong buying momentum would be the likes of WENTEL, VELESTO, MRCB, YTLPOWR, REVENUE, YTL, EKOVEST, MINETEC, IWCITY, RGB, UEMS, BJLAND, SWIFT, and YNHPROP. All of which were able to sustain their rallies throughout the day on the top volumes list.
$RGB(0037.MY$ since its earlier retracement over the past 5-6 months without much volume and action, seems to have formed a solid support region around the RM 0.26 - RM 0.28+ major support levels already.
Recently, it was able to gain good buying momentum which saw the stock breakout from its RM 0.32 immediate downtrend resistance levels on the daily chart with good volume here. For now still quite early but if able to sustain, could be trending back up towards the RM 0.35 - RM 0.385+ regions very soon.
$YNHPROP(3158.MY$ since retracing back towards the RM 0.63+ major support levels, had been able to hold above its ground and rebound back towards the RM 0.66+ resistance levels today with good volume and buying momentum.
For now still trading within a minor downtrend with RM 0.67+ as the main downtrend resistance here, but if able to hold above the RM 0.64+ support, could breakout from this region for a larger rebound back towards the RM 0.75+ regions soon.
Will be monitoring YNHPROP closely
$ENGTEX(5056.MY$ without a doubt was one of the best performers today as it managed to breakout strong from its RM 0.95 local high levels and rallied all the way towards the RM 1.01 regions with good volume and buying momentum.
So far still looking very strong here despite not being able to close on its intraday high at RM 1.01. As long as able to hold above its RM 0.97+ immediate support regions, could still continue on towards and beyond the RM 1+ regions soon here.
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