KUALA LUMPUR (Nov 16): CIMB Equities Research has a technical buy on TENAGA NASIONAL BHD [] at RM5.85, at which it is trading at a FY13 price-to-earnings of 13.0 times and price-to-book value of 1.1 times.
It said on Wednesday Tenaga Nasional is in a sideways consolidation mode. The candles are trying to build a base above the RM5.67 level. Traders with higher risk appetite may take some position here but be quick to cut loss if the RM5.67 level is breached.
“Prices are likely to take on its 200-day SMA (now at RM6.04) soon. If the bulls can push above this level, the next resistance levels are RM6.25 and RM6.47,” it said.
CIMB Research said indicators also show lacklustre trends. MACD is moving sideways while RSI is lingering around the 50 pts mark.
It said on Wednesday Tenaga Nasional is in a sideways consolidation mode. The candles are trying to build a base above the RM5.67 level. Traders with higher risk appetite may take some position here but be quick to cut loss if the RM5.67 level is breached.
“Prices are likely to take on its 200-day SMA (now at RM6.04) soon. If the bulls can push above this level, the next resistance levels are RM6.25 and RM6.47,” it said.
CIMB Research said indicators also show lacklustre trends. MACD is moving sideways while RSI is lingering around the 50 pts mark.
