Reservoir Link Energy Bhd (RL, 0219)

• RL finished 9.5% or 4.5 sen higher to RM0.52 yesterday.

• The stock formed a positive breakout from a sideway consolidation accompanied by higher trading volume. Meanwhile, RL also marked a solid closing at an intra-day high yesterday. Such encouraging developments are pointing to re-emergence of buying interests after period of muted trading and with potential to sustain towards high level.

• Resistance levels are projected at RM0.60 (R1) and RM0.66 (R2).

• On the flipside, support levels are identified at RM0.45 (S1) and RM0.43 (S2).

Source: Rakuten Research - 24 Aug 2021