Buying momentum in TENAGA has been gaining pace in the past few days as the market is anticipating TENAGA may potentially be granted approval to review its tariff rates by year-end. As a result, its share price rose 18.0 sen to close at RM9.36 after hitting a previous high @RM9.41 on intra-day trading yesterday. Furthermore, most key indicators are in bullish momentum mode supported by the strong buying volume. All in, we feel positive on TENAGA and believe the share price is raring for an upside breakout soon. We are calling a BUY on TENAGA with short-to-medium term target price @RM10.38 (Fibonacci resistance). Meanwhile, the crucial underlying support is pegged at RM9.09. 

 

Source: Kenanga