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Thursday, November 30, 2017

Tenaga: The Race is On?

The on-again, off-again next upleg for Tenaga may be settled today. If Tenaga can maintain the price level achieved yesterday or, better still, surpass the intra-day high of RM15.46 recorded on October 27, Tenaga rally is on.

Chartwise, we can see that Tenaga has already broken above the horizon line at RM14.50. However many are very suspicious about the "true intention" of the upside breakout for Tenaga as this stock has often been used as a lever to catapult our main market barometer, FBMKLCI. Even yesterday, many market observers are scratching their heads and probably decided to sit on their laurels. If this is a real deal, Tenaga maybe on the way to RM19.00-20.00.

Please exercise careful discretion if you choose to buy into this technical buy signal.

Chart: Tenaga's monthly chart as at Nov 29, 2017 (Source: Malaysiastock.biz)

Note:

I hereby confirm that I do not have any direct interest in the security or securities mentioned in this post. However, I could have an indirect interest in the security or securities mentioned as some of my clients may have an interest in the acquisition or disposal of the aforementioned security or securities. As investor, you should fully research any security before making an investment decision.

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