Two Trading Counters Poised for Uptrend: Reservoir Link Energy, Mi Technovation

Reservoir Link Energy

The service Provider in Oil & Gas and petrochemical industry was poised to extend its upside movement, and was knocking on the MYR0.40 immediate resistance on high trading volume. The stock has been trending north recently on the back of strong momentum, charting a “higher high” bullish pattern. In the event a bullish breakout happens, it should continue to climb higher towards MYR0.43, followed by MYR0.45. Towards the downside, breaching below the MYR0.355 support could indicate that the bears are back in control and a negative price action should follow through.

Mi Technovation

This counter is testing the immediate resistance with high trading volume. Note that the stock has been moving sideways
recently, while trading volume has been building up. If it breaks out from the immediate resistance of MYR1.55, expect it to
attract strong buying interest. In this scenario, the bullish momentum should propel the stock towards MYR1.63, followed
by MYR1.70. On the other hand, falling below the MYR1.45 support will nullify our expectation and set off a downward
correction.

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