Tenaga Nasional is eyeing to resume its uptrend as it rebounded from its recent pullback, heading towards the MYR9.25 recent high. If it manages to surpass that level, the stock may persist its bullish momentum towards MYR9.50 and then the MYR9.70 threshold. Conversely, the momentum may reverse if it drops below the MYR9.04 support – drawing a “lower low” bearish pattern beneath the 21-day average line.

Source: RHB Securities Research - 27 May 2022