Rakuten Trade Research Reports

Technical View - Tenaga Nasional Bhd

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Publish date: Wed, 10 Mar 2021, 06:25 PM
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Tenaga Nasional Bhd (TENAGA, 5347)

• TENAGA gained 2.88% or 30 sen to RM10.70 yesterday.

• From the chart, share price has been rising gradually from low of RM9.50 while yesterday’s move sent the price to form a positive breakout reinforcing stronger buying force. With share price trading above the short-term moving average line indicating positive technical outlook, share price is projected to move higher being one of the potential recovery stocks.

• From here, resistance levels are set at RM10.92 (R1) and RM11.50 (R2).

• On the downside, support levels are pegged at RM10.00 (S1) and RM9.81 (S2).

Source: Rakuten Research - 10 Mar 2021

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