Tenaga Nasional Bhd (TENAGA, 5347)

• TENAGA may extend it upward trajectory after it broke out from the 3-week bullish rectangularpattern and surpassed the immediate resistance of RM10.60 with a long white candle. With the stock hitting a new 52-week high and rebounding off the 20-day line, there is a noticeable uptick in positive momentum. We expect the rising momentum is set to steer the stock higher and test the next level of resistance of RM11.26 (R1) and RM12.00 (R2) in the near term.

• On the downside, stop-loss is set at RM9.78, below 27 Nov’s low.

Source: Rakuten Research - 2 Feb 2024

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