KUALA LUMPUR (March 25): AllianceDBS Research said the immediate support for Tenaga Nasional Bhd was seen at RM13.80 and that Tenaga had on March 24 tested previous day's low of RM13.92 before closing near the day's low at RM13.96 (down 12 sen or 0.85%).

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

"Following the down close on March 24, the stock is likely to move lower with immediate support seen at RM13.80 in the coming few days.

"A fall below RM13.80 should see further price decline to the subsequent support zone, RM13.68–RM13.78.

"The hurdle is pegged at RM14.30. A rise above RM14.30 would lift the stock to the next resistance zone, RM14.80–RM15.00," it said.

AllianceDBS Research said stock volume traded on March 24 was 13.4 million shares compared to the three-month average volume of 9.9 million shares.

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

It said the relative strength index indicated that the stock was currently in an overbought zone.