TENAGA will meet resistance and create wave 2Looking at the technical chart for Tenaga Nasional Bhd (TNB), here's my analysis:
Recent Price Action:
- The stock is currently trading at around RM14.82, showing a slight decline of 0.54%
- There's been an uptrend since December 2023, with the stock rising from around RM13.00 to current levels
Key Technical Levels:
1. Support levels:
- Strong support around RM13.50 which has been tested multiple times
- Secondary support at RM13.06 (marked as level 1 on the chart)
2. Resistance levels:
- Major resistance at RM15.06 (marked at the top of the chart)
- Secondary resistance around RM14.58 (0.236 Fibonacci level)
Pattern Analysis:
- The chart shows what appears to be an Elliott Wave pattern with numbered waves (1-5)
- Currently seems to be forming a potential wave 4 pullback before a possible move higher
- The stock has been respecting an upward trending channel since December
Volume Analysis:
- Trading volume (shown at bottom) has been relatively consistent
- Some spikes in volume during major price movements, particularly in June-July period
Near-term Outlook:
- The overall trend remains bullish as long as price stays above RM13.50
- If the Elliott Wave count is correct, there could be one more push higher (wave 5)
- Key will be whether price can break above the RM15.06 resistance level
Traders should consider:
- Setting stops below RM13.50 for long positions
- Watching the RM15.06 level for potential breakout opportunities
- Being cautious of potential pullbacks as part of wave 4 completion
