Bumi Armada is eyeing to stage a bullish breakout after printing a bullish candlestick. The stock climbed above the 21-day SMA line and charted a white candlestick – showing the bullish momentum is gaining pace now. In the event it breaks above the MYR0.515 resistance, this will confirm a bullish setup. In this scenario, the breakout may attract fesh buying pressure and lift the stock towards MYR0.535,followed by the MYR0.56 level. On the other hand, falling below the MYR0.49 support will resume the correction phase.

Source: RHB Securities Research - 11 Nov 2024