KUALA LUMPUR (Aug 17): AllianceDBS Research said Tenaga Nasional Bhd (Tenaga) had on Aug 16 traded higher to RM14.24 before closing at RM14.22 (up 2 sen or 0.14%).

In its evening edition yesterday, the research house said Tenaga continued to stay above the 20-day (blue) and 50-day (red) moving average lines.

“Given the recent share price behaviour, the stock is likely to move between RM14.10 and RM14.28 in the coming few days.

“A crossover of RM14.28 should see further price rise to the next overhead resistance at RM14.44.

“However, a fall below RM14.10 would put pressure on the stock down to the subsequent support at RM14.00,” it said.

AllianceDBS Research said stock volume traded on Aug 16 was 5.59 million shares compared to the 3-month average volume of 8.96 million shares.

The research house said that indicators wise, the MACD was above the 9-day moving average line with the buy signal remains intact.

It said the relative strength index indicated that the stock was currently in a neutral zone.