Rakuten Trade Research Reports

Technical View - Bumi Armada Bhd

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Publish date: Tue, 05 Oct 2021, 10:13 AM
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Bumi Armada Bhd (ARMADA, 5210)

  • Following the 3.2% surge in brent crude oil prices yesterday, ARMADA closed 2.2% higher at RM0.460 yesterday.
  • ARMADA closed at the neckline of its cup and handle pattern. Currently, ARMADA is trading above all its key moving averages.
  • Backed by upticks in both indicators, ARMADA is poised to move higher.
  • Resistance levels are identified at RM0.500 (R1) and RM0.525 (R2).
  • On the flipside, support levels are pegged at RM0.440 (S1) and RM0.415 (S2).

Source: Rakuten Research - 5 Oct 2021

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