Tenaga Nasional pulled back, touching its low at RM9.80. With its RSI indicator falling into the oversold region, coupled with sustainable trading volume, we see there is a bargain-hunting opportunity with a possible technical rebound. If this happens, we expect it to move towards the short-term target prices of RM10.10 and RM10.40. The downside support is projected at RM9.50. Traders are advised to exit on a breach to avoid further losses.

Trading Call: Buy on breakout RM9.80

Target: RM10.10, RM10.40 (time frame: 2-4 weeks)

Exit: RM9.50

Source: AmInvest Research - 30 Oct 2020