Bumi Armada’s buying momentum is back after it broke out of the 1-week bullish flag pattern with a long white candle yesterday. With the 20-day EMA remaining above the 50-day EMA since the bullish crossover in mid-Nov22, the uptrend may continue in the near term. A bullish bias may emerge above the RM0.64 level, with a stop-loss set at RM0.60, below the 50-day EMA. Towards the upside, the near-term resistance level is seen at RM0.73, followed by RM0.80.

Entry : RM0.64–0.675

Target : RM0.73, RM0.80

Exit : RM0.60

Source: AmInvest Research - 11 Apr 2023