Tenaga Nasional crossed the RM13.88 resistance level in its latest session after trending sideways for the past month. With a rising RSI, it may head towards a target price of RM14.70, followed by RM15.30. Meanwhile, it may turn sideways if it falls back below the RM13.88 mark in the near term. In this case, the immediate support is anticipated at RM13.24, whereby traders may exit on a breach to avoid the risk of a further correction.

Trading Call: Buy upon further rebound above RM13.88

Target: RM14.70, RM15.30 (time frame: 3-6 weeks)

Exit: RM13.24

Source: AmInvest Research - 2 Aug 2019