TENAGA closed 30 sen or 2.45% higher at RM12.86 yesterday, with the closing price seen breaking out from an ‘Ascending Triangle’ chart pattern as well as widening the distance from all its SMA trend lines, signaling an uptrend movement. Bullish prospect can be evidenced by the positive MACD indicator movement which is heading north. Elsewhere, RSI indicator hooked upward into the overbought region while the Stochastics indicator is also moving in in the overbought region, suggesting positive buying momentum. We expect the share price to continue its uptrend movement should the buying interests persist, with target price being set at RM13.85, 3 bids below our pole measurement objective.

 

 

 

Source: Kenanga