KUALA LUMPUR (Sept 24): PublicInvest Research said Reach Energy Bhd is staging potential turnaround from its consolidation phase, with an attempt to establish a new uptrend channel.

In a trading ideas note today, the research house said improving RSI and MACD indicators currently signal reasonable entry level, with anticipation of continuous improvement in both momentum and trend in near term.

“Should resistance level of 23.5 sen be broken, it may continue to lift price higher to subsequent resistance level of 25.5 sen. “However, failure to hold on to support level of 20.5 sen may indicate weakness in the share price and hence, a cut-loss signal,” it said.