TENAGA's share price was buoyed by positive market sentiment on potential tariff adjustment following a fuel price hike yesterday. As a result, the share price gained 27 sen to close at RM8.94 and formed a bullish “Marubozu” candlestick, indicating a potential resumption of the bullish tone. Going forward, should the share price is able to close above the down-sloping overhead resistance level @RM9.00 in a decisive manner; we will then turn bullish and suggest it as an entry-level with LT target @RM10.00 (based on Fibonacci Projection). Meanwhile, the immediate underlying support should be pegged at around RM8.74 (50-day SMA support).

 

Source: Kenanga