Tenaga
Nasional (TNB) surged 20 sen on Thursday to RM6.99 after an interview with the
company's CFO revealed its plans to boost capital spending on new power plants
in FY13. The move sent Tenaga's share price to levels not seen since mid last
year as investors viewed the RM7.5b plans in a positive light. On the daily
chart, TNB managed a much-anticipated
close above the resistance line at RM6.86, as well as a bullish breakout
of the Upper Bollinger band amid increasing volume. With this move, TNB's
technical picture has improved significantly where the former resistance level
has turned support. The SMA, RSI and the MACD indicators have now turned
positive, indicating that further gains toward the new resistance level of RM7.22
are likely. Support remains at RM6.86 in the short term.
On the
weekly chart, TNB appears to have started the next leg of the upward cycle
after grazing the support line. With the MACD and RSI both trending higher, we
reckon that the price action will likely move towards the upper trend channel
resistance at RM7.35/50. The 20-day SMA is firmly above both the 50 and 100-day
SMAs, further reinforcing our bullish views, although the main reservation
remains that the 50-day SMA has yet to make a golden crossover with the 100-day
SMA.
Source: Kenanga
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