nexttrade: Tenaga tested its medium-term uptrend line

Thursday, January 07, 2010

Tenaga tested its medium-term uptrend line

Tenaga dropped to a low of RM8.08 this morning before recovering to close at RM8.18 at the end of the morning session. This means that Tenaga has tested its medium-term uptrend line before rebounding. However, the uptrend line is not a 'good' uptrend line as the "lows" used for plotting the line are bunched up. See Chart 1 below.

Chart 1: Tenaga's daily chart as at Jan 7, 2010_3.50pm (Source: Quickcharts)

From the weekly chart (Chart 2 below), we can see that the MACD & RSI indicators are showing negative signals. Tenaga would turn bearish if it failed to hold above the psychological RM8.00 level.

Chart 2: Tenaga's weekly chart as at Jan 7, 2010_3.55pm (Source: Quickcharts)

2 comments:

james said...: Good morning Alex,

What is the technical outlook for Coastal Contracts? What are its immediate targets?

Cheers,
James; Friday, January 08, 2010 9:47:00 AM
Alex Lu said...: Hi James,

Coastal is trying to break above the resistance of RM2.20. If it succeeded, then the next resistance levels are at RM2.35 & RM2.50.

It may be taking a cue from the strong price run-up in other regional shipbuilders over the past few days.; Friday, January 08, 2010 12:53:00 PM