Bumi Armada shot up and formed a long white candle in its lastest session. With the RSI indicator above 60%, it may continue to climb above the resistance price of RM0.26. If this happens, its short-term target price will be RM0.29 followed by RM0.32. Support price is anticipated at RM0.23, whereby traders may exit on a breach to avoid the risk of a further correction.

Trading Call: Buy upon breakout above RM0.26

Target: RM0.29, RM0.32 (time frame: 3-6 weeks)

Exit: RM0.23

Source: AmInvest Research - 3 Sept 2019