Journey to Wealth
Highlights / Stock Pick of the Day - Tenaga Nasional
Tenaga Nasional (TNB) surged 20 sen on Thursday to RM6.99 after an interview with the company's CFO revealed its plans to boost capital spending on new power plants in FY13. The move sent Tenaga's share price to levels not seen since mid last year as investors viewed the RM7.5b plans in a positive light. On the daily chart, TNB managed a much-anticipated close above the resistance line at RM6.86, as well as a bullish breakout of the Upper Bollinger band amid increasing volume. With this move, TNB's technical picture has improved significantly where the former resistance level has turned support. The SMA, RSI and the MACD indicators have now turned positive, indicating that further gains toward the new resistance level of RM7.22 are likely. Support remains at RM6.86 in the short term.
On the weekly chart, TNB appears to have started the next leg of the upward cycle after grazing the support line. With the MACD and RSI both trending higher, we reckon that the price action will likely move towards the upper trend channel resistance at RM7.35/50. The 20-day SMA is firmly above both the 50 and 100-day SMAs, further reinforcing our bullish views, although the main reservation remains that the 50-day SMA has yet to make a golden crossover with the 100-day SMA.
Source: Kenanga
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
