Thursday, December 13, 2018

Tenaga: Broke Its Long-term Uptrend Line


Tenaga broke its long-term uptrend line, SS at RM14.00 on December 5. In the past 3 days, Tenaga struggled to stay above the horizontal line at RM13.50. At 10:15am this morning, Tenaga once again broke below the RM13.50 horizontal line.

The last time Tenaga dropped significantly below RM13.50 was on December 10 when it made an intraday low of RM13.30. A few minutes ago, Tenaga made a low of RM13.24. If Tenaga cannot recover above the RM13.50 horizontal line again, then it may see further downside. Its next strong support will be at RM12.00.


Chart: Tenaga's monthly chart as at Dec 13, 2018_10.30 (Source: Malaysiastock.biz)