Bumi Armada Bhd (5210)

• ARMADA closed at RM0.36 yesterday.

• Recent share price movement suggests some renewed buying interest coupled with improvement on the global crude oil prices. With the brent crude oil price hitting multiple months high of above USD54 per barrel recently, we expect further buying interest on the stock.

• From the chart, resistance levels are expected at RM0.39 (R1) and RM0.45 (R2) level.

• On the downside, support levels are seen at RM0.33 (S1) and RM0.28 (S2).

Source: Rakuten Research - 8 Jan 2021