Tenaga: The Fall Begins...

Last week, we look at the possible scenario of Tenaga pulling away from the tentative uptrend line support at RM12.20-12.30. Today, I looked at the weekly chart (reproduced below) and I can see clearly that Tenaga has a confirmed uptrend line, SS. (Note: A trendline is confirmed when you have 3 points of contact. Tenaga's 3rd contact point was RM12.30 in week ended June 15, 2015).

With the breakdown of the uptrend line and also the horizontal support at RM12.00, Tenaga has entered into a downtrend, driven by fear of "national service" sacrifices to come. For more, check out my earlier post.

Based on technical consideration, Tenaga is a SELL. This rating can only be overruled if Tenaga managed to recover above RM12.30.


Chart: Tenaga's weekly chart as at Aug 6, 2015_10.30am (Source: ShareInvestor.com)

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.