Bumi Armada jumped above the resistance price of RM0.245 in its latest session with higher trading volume. With the RSI above 70%, the short-term momentum could reach a target price of RM0.28, followed by RM0.295. If it dips below RM0.245, it may continue to move sideways and consolidate. Support price is anticipated at RM0.225 whereby traders may exit on a breach to avoid the risk of a further correction.

Trading Call: Buy on continuation above RM0.245

Target: RM0.28, RM0.295 (time frame: 3-6 weeks)

Exit: RM0.225

Source: AmInvest Research - 16 Jul 2019