Bursa Malaysia Stock Watch
Tenaga tested its medium-term uptrend line
kltrader
Publish date: Thu, 07 Jan 2010, 08:13 PM
kltrader
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Tenaga tested its medium-term uptrend line: "Tenaga dropped to a low of RM8.08 this morning before recovering to close at RM8.18 at the end of the morning session. This means that Tenaga has tested its medium-term uptrend line before rebounding. However, the uptrend line is not a 'good' uptrend line as the 'lows' used for plotting the line are bunched up. See Chart 1 below.
Chart 1: Tenaga's daily chart as at Jan 7, 2010_3.50pm (Source: Quickcharts)
From the weekly chart (Chart 2 below), we can see that the MACD & RSI indicators are showing negative signals. Tenaga would turn bearish if it failed to hold above the psychological RM8.00 level.
Chart 2: Tenaga's weekly chart as at Jan 7, 2010_3.55pm (Source: Quickcharts)
"
Chart 1: Tenaga's daily chart as at Jan 7, 2010_3.50pm (Source: Quickcharts)
From the weekly chart (Chart 2 below), we can see that the MACD & RSI indicators are showing negative signals. Tenaga would turn bearish if it failed to hold above the psychological RM8.00 level.
Chart 2: Tenaga's weekly chart as at Jan 7, 2010_3.55pm (Source: Quickcharts)
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