Rakuten Trade Research Reports
Technical View - Reservoir Link Energy Bhd
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Publish date: Mon, 14 Feb 2022, 11:04 AM
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Rakuten Trade
Hotline: +603 2110 7110 (Account Opening, General enquiry)
Email: customerservice@rakutentrade.my
Reservoir Link Energy Bhd (RL, 0219)
• Share price closed 1.8% higher at RM0.565 on Friday.
• RL has formed a double bottom pattern since Nov 2021 and closed above all its key moving averages last Friday. We also noticed a bullish signal from its MACD indicator.
• Backed by upticks in its indicators plus the surge in Brent Crude Oil prices last Friday, RL is poised to move higher.
• Resistance levels are identified at RM0.580 (R1) and RM0.625 (R2).
• On the flipside, support levels are pegged at RM0.540 (S1) and RM0.515 (S2).
Source: Rakuten Research - 14 Feb 2022
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