Monday, 12 March 2012

CIMB Research has technical buy on Tenaga at RM6.39

KUALA LUMPUR (March 12): CIMB Equities Research has a technical buy on Tenaga Nasional at RM6.39 at which it is trading at a FY13 price-to-earnings of 14.2 times and price-to-book value of 1.2 times.

It said on Monday Tenaga Nasional broke out of its triangle pattern on Friday.

“If the candles continue to hold on above the support-turned-resistance trend line, we expect the next upswing to lift prices towards RM6.78 and possibly even RM7.21. Currently, the stock is supported by all its key moving averages,” it said.

CIMB Research said the indicators are showing signs of improvement. MACD signal line is trading in the positive territory while RSI has also hooked upward.

“Aggressive traders may start to accumulate now while others should wait for a push above RM6.40 before going long. Put a stop at below RM6.13,” it said.

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