Technical Pulse: Riverstone Holdings Ltd July 28, 2020 1003

Riverstone Holdings Ltd (SGX: AP4) Strong upside is set to continue again based on the recent technicals:

  1. The stock has broken out of the bullish pennant formation with a strong bullish candle on Monday 27th July 2020.
  2. Looking at the bigger trend, the stock has been making higher highs and higher lows and prices have been diverging higher from the primary uptrend line, citing strong momentum.
  3. Last Friday the stock had a slight bearish sell down but the prices managed to reverse higher at the last hour above the support zone at $2.00-$3.10.
  4. Target price is 161.8% extension of the pennant.


*Timeline of the trade should be between 1-3 weeks from the date issued.



Moving average

Red dotted line = 200 periods Moving average

Blue dotted line = 50 periods Moving average

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