Reservoir Link Bhd (0219)

• RL rose 6.8% or 2.5 sen to RM0.39 yesterday.

• Share price has fallen from a high of RM0.79 since IPO debut bottoming out at RM0.30 with low volume. Yesterday’s price action saw a resistance breakout on the back of higher trading volume indicating an uptrend reversal, hence we expect share price to continue its rebound heading above the RM0.41 level.

• Resistance levels are seen at RM0.41 (R1) and further to RM0.46 (R2) level.

• On the downside, support levels are seen at RM0.33 (S1) and RM0.30 (S2).

Source: Rakuten Research - 9 Oct 2020