Unless we see a quick recovery in Tenaga's share price, the technical outlook for this stock would turn bearish.
Chart: Tenaga's weekly chart as at Nov 10, 2010 (Source: Quickcharts)
Thursday, November 11, 2010
Tenaga has just broken its uptrend line
Tenaga broke its uptrend line at RM8.70 today. As at 3.30 pm, Tenaga is trading at RM8.63. It is important that it must recover above the uptrend line over the next 1 or 2 day(s). The probability of a recovery is uncertain. We can see that the indicators are quite weak. On the other hand, Tenaga has proposed a bonus of 1-for-4 which should generate some buying support from retailers. In addition, Tenaga has seen pretty respectable top-line growth in the past few quarters.
Unless we see a quick recovery in Tenaga's share price, the technical outlook for this stock would turn bearish.
Chart: Tenaga's weekly chart as at Nov 10, 2010 (Source: Quickcharts)
Unless we see a quick recovery in Tenaga's share price, the technical outlook for this stock would turn bearish.
Chart: Tenaga's weekly chart as at Nov 10, 2010 (Source: Quickcharts)
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1 comment:
Hi Alex,
I think tenaga is fundamentally strong to survive any panic selling during these trouble times.
what would be bad signs for tenaga other than a recession and increasing cost? thks
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