TENAGA’s share price fell 68 sen or 4.9% to RM13.10 yesterday on profit taking by foreign funds. Technically, downwards movement was observed as the share price closed below both the 20-day and 50-day MA trend lines while approaching the 100-day trend line. The bearish bias was further evidenced by the sliding MACD indicator while negative buying momentum is showcased by both the Stochastics and RSI indicators, trending down with the former in oversold territory. We advocate investors to be on the alert for entry opportunity once the share price hits multiple-month support level of RM12.65, while the oversold technical condition of the momentum indicators may suggest a reversal in near future.

 

 

Source: Kenanga