KUALA LUMPUR (April 4): AllianceDBS Research said Tenaga Nasional Bhd (Tenaga) had on April 3 traded lower to RM15.80 before closing at RM15.86 (down 34 sen or 2.09%).

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

“Following the down close on April 3, the stock is likely to move lower again with immediate support at RM15.70.

“A fall below RM15.70 would put pressure on the stock down to the subsequent support zone, RM15.40 – RM15.50.

“The hurdle is pegged at RM16.20. A crossover of RM16.20 should see further price rise to the next overhead resistance at RM16.34,” it said.

AllianceDBS Research house said stock volume traded on April 3 was 10.0 million shares compared to the 3-month average volume of 9.98 million shares.