TENAGA has been trading below 200 days Moving Average since Oct 2018 and continued its downside movement below a downtrend line from Nov 2019. The share has recently recovered an oversold condition in late Oct 2020 by a strong bullish move, however failed to close above resistance R1 at 11.50. Hence, this upbeat momentum could not introduce any change into existing trend. Recently this week, the price has breached a valid uptrend line preceded by formation of two Bearish Engulfing candles below the resistance level. Hence, the price could drop lower to the nearest support level at 9.50.
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Disclaimer: Our content is intended to be used and must be used for technical analysis education purposes only.