KUALA LUMPUR (Feb 2): Rakuten Trade said Tenaga Nasional Bhd (TNB) may extend its upward trajectory after it broke out from the three-week bullish rectangular pattern and surpassed the immediate resistance of RM10.60 with a long white candle.
In a technical view note on Friday, the research house said that with the stock hitting a new 52-week high and rebounding off the 20-day line, there is a noticeable uptick in positive momentum.
“We expect the rising momentum is set to steer the stock higher, and test the next level of resistance of RM11.26 (R1) and RM12.00 (R2) in the near term. “On the downside, stop-loss is set at RM9.78, below Nov 27’s low,” it said
