Reservoir Link Energy Bhd (RL, 0219)

• Share price closed 6.82% higher at RM0.47 on Friday.

• RL closed above its MA 50 line today with strong volume. Three white soldiers candlesticks were formed during the last 3 trading days, indicating its strong uptrend momentum.

• Coupled with its uptick in RSI and MACD indicators, its share price is expected to move higher.

• Resistance levels are identified at RM0.47 (R1) and RM0.52 (R2).

• On the flipside, support levels are pegged at RM0.42 (S1) and RM0.415 (S2).

Source: Rakuten Research - 18 Apr 2022