Reservoir Link Energy is eyeing for a technical breakout after again testing the MYR0.34 immediate resistance yesterday on high volume. If a breakout happens, the bullish bias above that level may drive the stock higher towards the MYR0.355 recent high, followed by the MYR0.40 threshold. However, breaching below the MYR0.31 support reverses the momentum, as it trades below the SMA and forms a “lower low” bearish structure.
Source: RHB Securities Research - 9 May 2024
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