Tenaga Nasional may rise higher after it formed a long white candle and hit a new 52-week high yesterday. The stock’s move above the RM9.80 and RM10.00 resistances indicates that near-term bullish trend may persist. A bullish bias may emerge above the RM9.80 level, with stop-loss set at RM9.40, below the 50-day EMA. Towards the upside, near-term resistance level is seen at RM10.50, followed by RM11.00.

Entry : RM9.80–10.14

Target : RM10.50, RM11.00

Exit : RM9.40

Source: AmInvest Research - 22 Aug 2023