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