Tenaga Nasional may soon test the RM13.76 resistance level. With a rising RSI, a bullish bias may be present above this mark with short-term target prices of RM14.28 and RM14.54. Meanwhile, it may continue moving sideways if it fails to cross the RM13.76 mark in the near term. In this case, the downside support is anticipated at RM13.50, whereby traders may exit on a breach to avoid the risk of a further correction.

Trading Call: Buy upon breakout above RM13.76

Target: RM14.28, RM14.54 (time frame: 3-6 weeks)

Exit: RM13.50

Source: AmInvest Research - 26 Sept 2019