In line with the movement in oil price, RL retraced from its recent peak at RM 0.64 and closed at RM 0.54 on last Friday with immediate resistance and support at RM 0.64 and RM 0.52 respectively. RL is break below ascending trendline and stayed below EMA 25 & EMA 50 which provides a signal for trend reversal. Both EMA 25 and EMA 50 are trending downward as well. Investors shall monitor closely on the movement of oil price and exercise caution if the immediate support is broken.

Reason to monitor: Break below ascending trendline

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