Tenaga may be breaking above its downtrend line

Tenaga may be breaking above its medium-term downtrend line (SS) where the resistance is at RM8.00. It is presently trading at RM8.15, which happened to be the high recorded in May. Volume is however lacking at about 37k board lots done up to 12.25 noon. If the breakout gained momentum, we may see Tenaga testing its next horizontal line resistance at RM8.50 & thereafter RM9.00.


Chart: Tenaga's weekly chart as at July 17, 2009_12.20noon (Source: Quickchart)