Bumi Armada rose and tested the RM0.49 resistance level. With its 21-day moving average indicator in an uptrend, coupled with sustainable trading volume, we see a possibility for a technical breakout. If this happens, we expect it to move towards the short-term target prices of RM0.51 and RM0.525. The downside support is projected at RM0.455. Traders are advised to exit on a breach to avoid further losses.

Trading Call: Buy on breakout RM0.49

Target: RM0.51, RM0.525 (time frame: 2-4 weeks)

Exit: RM0.455
 

Source: AmInvest Research - 16 Jun 2021