Bumi Armada saw a strengthening of the uptrend reversal, as the stock breached the MYR0.53 breakout level, ie 6 Jun’s high. Coupled with a “higher low” bullish pattern above the 21-day SMA line, the uptrend rebound is expected to persist towards the MYR0.585 resistance (21 Mar’s low), followed by the next resistance at MYR0.62, or 2 Jun’s low. However, falling below the MYR0.51 support would indicate a downtrend, with a “lower low” bearish pattern being formed, below the 21-day SMA line.
Source: RHB Securities Research - 15 Sept 2023
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Created by rhbinvest | Oct 02, 2024