Tenaga Nasional Bhd (5347)

• TENAGA gained 16 sen or 1.3% to close at RM12.86 yesterday.
• Since our report on 29 May 2019, TENAGA has gained 10.3% rebounding from its low of RM11.66. Technically, the uptrend channel remains with the bullish signal as well as the upticks in key momentum indicators.
• Should the buying interest sustained, we expect share price to head towards the resistance levels at RM13.26 (R1) and possibly to RM13.60 (R2).
• On the flipside, support levels are identified at RM11.80 (S1) and RM11.30 (S2).

Source: Rakuten Research - 4 Jun 2019