Bumi Armada Bhd (ARMADA, 5210)

• Share price closed 2.6% higher at RM0.40 on Tuesday.

• ARMADA has formed bullish harami candlestick last 2 trading days and this pattern has been repeated twice on 15 March and 12 May where we see the share price rebound subsequently after the bullish harami pattern.

• Backed by upticks in its RSI indicator and rebound in Brent Crude Oil price, we believe its share price is expected to mirror its previous rebounding trend after each bullish harami candlestick.

• Resistance levels are identified at RM0.420 (R1) and RM0.460 (R2).

• On the flipside, support levels are pegged at RM0.390 (S1) and RM0.365 (S2).

Source: Rakuten Research - 22 Jun 2022