Rakuten Trade Research Reports
Technical View - Bumi Armada Bhd
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Publish date: Fri, 04 Nov 2022, 06:29 PM
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To sign up for an account: http://bit.ly/40BNqKI
Rakuten Trade
Hotline: +603 2110 7110 (Account Opening, General enquiry)
Email: customerservice@rakutentrade.my
Bumi Armada Bhd (ARMADA, 5210)
• Share price closed 1.23% higher at RM0.41 on Thursday.
• Armada has formed a double bottom but broke out from its resistance level of RM0.405. In line with the stronger crude oil price of late, the stock experienced good buying volume for the past 3 trading days. As MACD centerline crossover and indicators are showing uptick momentum, the share price is expected to trend higher.
• Resistance levels are identified at RM0.42 (R1) and RM0.44 (R2).
• On the flipside, support levels are pegged at RM0.39 (S1) and RM0.38 (S2).
Source: Rakuten Research - 4 Nov 2022
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