Rakuten Trade Research Reports

Author: rakutentrade   |   Latest post: Wed, 13 Jan 2021, 6:07 PM


Technical View- Reservoir Link Energy Bhd

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Reservoir Link Energy Bhd (0219)

• RL closed 8.7% or 4 sen higher to RM0.50 yesterday.

• Share price saw a bullish breakout from key resistance levels recently after long period of consolidation signalling a trend reversal. Crude oil price hit 11-week high rising from USD32 to USD42 per barrel is likely to fuel the upward momentum and improving sentiments seen for oil & gas related stocks. Hence, we expect the further mark up in share price from current levels.

• From here, resistance levels are expected at RM0.545 (R1) and RM0.60 (R2) level.

• For the downside, support levels are at RM0.48 (S1) and RM0.42 (S2).

Source: Rakuten Research - 20 Nov 2020

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Chart Stock Name Last Change Volume 
RL 0.43 -0.02 (4.44%) 1,446,600 

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