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