TM, Tenaga & Maybank: Follow-up

Yesterday, TM, Tenaga & Maybank had broken above their recent highs. In the case of TM & Tenaga, both had also broken out of their triangles. Unfortunately, Tenaga & Maybank were not able to maintain their breakouts & closed below their breakout levels. TM was the exception.

A failed breakout normally lead to more selling in the days ahead, especially from those who bought into the breakout yesterday. The next few days will be very interesting time for all market players, bulls & bears alike. Can the bulls absorb the upcoming selling from bears & trapped bulls? Only time will tell.


Chart 1: TM's daily chart as at Nov 30


Chart 2: Maybank's daily chart as at Nov 30


Chart 3: Tenaga's daily chart as at Nov 30