Bimb Research Highlights

Technical Analysis - RL

Publish date: Wed, 16 Nov 2022, 05:56 PM
0 19,452
Bimb Research Highlights

On the daily chart, Reservoir Link Energy Berhad (RL) showed a recovery within a sideway trend as the price stayed above its 62 & 21-day moving averages. This is followed by positive RSI and MACD indicators, which validate that the potential to rebound remains intact. We believe the price might retest its 1st resistance of 200-day moving average at 0.405. If the price manages to break above and maintain that level, it has the potential to propel the price up to the 2nd resistance level of 0.45. On the flip side, if the price fails to break above 0.40, this would be a sign of a reversal and would increase the chances of a return to the 1st support of 0.335. Our research house has a fundamental BUY call on RL with a target price of RM 0.52.

Source: BIMB Securities Research - 16 Nov 2022

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