• Target Price RM0.535, RM0.565
• Last closing price: RM0.505
• Potential return: 5.9%, 11.8%
• Support: RM0.500
• Stop Loss: RM0.465

Possible for sideways breakout. ARMADA is potentially staging a breakout from its sideways channel, with anticipation of continuous improvement in both momentum and trend in the near term. Should immediate resistance level of RM0.535 be broken with renewed buying interest, it may continue to lift price higher to subsequent resistance level of RM0.565.

However, failure to hold on to support level of RM0.500 may indicate weakness in the share price and hence, a cut-loss signal.

Source: PublicInvest Research - 5 Jan 2024