Bumi Armada rebounded from its low and broke past the resistance price of RM0.47 in the latest session. With the momentum indicator RSI above 60%, it may continue to move towards the target price of RM0.54 followed by RM0.60. If it dips below RM0.47, expect a sideway consolidation again. In this case, the support price is anticipated at RM0.41, whereby traders may exit on a breach to avoid the risk of a further correction.

Trading Call: Buy on continuation above RM0.47

Target: RM0.54, RM0.60 (time frame: 3-6 weeks)

Exit: RM0.41

Source: AmInvest Research - 8 Nov 2019