Thursday, October 04, 2012

Tenaga breaking above the resistance of RM7.10

Tenaga has just broken above the strong horizontal resistance of RM7.10. If this breakout can recruit sufficient support, it may continue to rise to the next resistance at RM7.70 (see Chart 1). And, if it can break above the RM7.70 resistance, it may revisit the high of February 2007 of RM9.63.

Based on this upside breakout, Tenaga has a bullish outlook.

Chart 1: Tenaga's weekly chart as at Oct 4, 2012_3.00pm (Source: Tradesignum)

Chart 2: Tenaga's monthly chart as at Oct 4, 2012_3.00pm (Source: Tradesignum)

In addition to the disclaimer in the preamble to my blog, I hereby confirm that I do not have any relevant interest in, or any interest in the acquisition or disposal of, Tenaga.


luckystock2 said...

Hi Alex ,
Can you comment on ASAS technical outlook ?

Alex Lu said...

Hi luckystock2

ASAS has good support at RM1.50. I believe it is likely to correct back to that level after its strong rally to RM1.90 recently. Such illiquid stocks need a long correction/consolidation before the next rally.

Heineken Pilsener said...

it seems certain parties knew about the deal ahead of the pack

Alex Lu said...

Hi Heineken Pilsener

That shouldn't surprise us!