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)
Note:
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.
Hi Alex ,
ReplyDeleteCan you comment on ASAS technical outlook ?
Tx!
Hi luckystock2
ReplyDeleteASAS 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.
http://www.theedgemalaysia.com/business-news/222507-tnb-awarded-rm3b-power-plant-job-in-prai-.html
ReplyDeleteit seems certain parties knew about the deal ahead of the pack
Hi Heineken Pilsener
ReplyDeleteThat shouldn't surprise us!