BUMI ARMADA

Sector: Energy (Energy Infrastructure, Equipment & Services)

Analysed on 10/10/2021

BUMI ARMADA is traded at RM 0.49 on last Friday with immediate resistance and support at RM 0.505 and RM 0.465 respectively. The formation of higher high and higher low provides an indication that BUMI ARMADA is on uptrend. Both EMA25 and EMA50 are trending upward as well. BUMI ARMADA may potentially breakout from its resistance if the rally on the oil price is continued. However, local analysts appear less optimistic that US$100 a barrel oil is in sight. Thus, investors shall monitor closely on the movement of oil price. Considering current price level, it is 3.06% gain and 5.1% loss to hit resistance at RM0.505 and support at RM0.465 respectively.

Reason to monitor: Potential Resistance Breakout

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