Tenaga Nasional Berhad (TENAGA, 5347)

• We believe TENAGA may trend higher after it gapped up and hit its multi-year high with a positivelong white candle, breaking the key resistance of RM14.60 last Friday. In view of the stock bouncing off the converging 20-day and 50-day EMAs, this indicates that the bullish momentum is building up.

• We expect the rising momentum to drive the stock higher and test the next resistance of RM15.30(R1) followed by RM15.80 (R2) in the near term.

• On the downside, stop-loss is set at RM13.10.
  

Source: Rakuten Research - 2 Sep 2024

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