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NewsImmediate support for Tenaga seen at RM13.80, says AllianceDBS Research
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Immediate support for Tenaga seen at RM13.80, says AllianceDBS Research
by Cals Wed 22 Jun 2016, 00:48
Immediate support for Tenaga seen at RM13.80, says AllianceDBS Research
By theedgemarkets.com / theedgemarkets.com | June 21, 2016 : 6:16 AM MYTKUALA LUMPUR (June 21): AllianceDBS Research said the support for Tenaga Nasional Bhd (Tenaga) was at RM13.80 and that Tenaga had on June 20 traded marginally higher to RM14.02 before closing at RM14.00 (up 2 sen or 0.14%).
In its evening edition yesterday, the research house said Tenaga continued to trade below the 20-day and 50-day moving average lines.
“Given the recent price action, the stock is likely to move higher again with immediate hurdle seen at RM14.12.
“A crossover of RM14.12 should see further price rise to the next overhead resistance at RM14.30.
“The support is pegged at RM13.80. A fall below RM13.80 would put pressure on the stock down to the subsequent support at RM13.50,” it said.
AllianceDBS Research said stock volume traded on June 20 was 9.32 million shares compared to the 3-month average volume of 11.1 million shares.
The research house said that indicators wise, the MACD was marginally above the 9-day moving average line with the buy signal remains intact.
It said the relative strength index indicated that the stock was currently in a neutral zone.
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