Bumi Armada Berhad (ARMADA, 5210)

• Share price closed 2.8% higher at RM0.365 on Tuesday.

• In view of the higher Brent crude price, oil and gas counters were on the top volume radar yesterday. Armada staged a strong buying interest yesterday with indicators showing upward momentum. If Brent crude price is to go higher, Armada’s share price is expected to follow.

• Resistance levels are identified at RM0.375 (R1) and RM0.38 (R2).

• On the flipside, support levels are pegged at RM0.345 (S1) and RM0.325 (S2).

Source: Rakuten Research - 24 Aug 2022