Bumi Armada Bhd

• Share price closed 1.89% higher at RM0.54 on Monday.

• ARMADA has been on a mild recovery after experiencing a gap down and hit its YTD low of RM0.415 in Jun-23. It broke out of its resistance threshold of RM0.53 with high buying volume yesterday. Brent crude is currently hovering near US$89/barrel, having soared 4.8% last week due to concerns about tightening supplies. Coupled with indicators showing uptick momentum, share price is expected to move higher.

• Resistance level are identified at RM0.55 (R1) and RM0.575 (R2).

• On the flipside, support levels are pegged at RM0.49 (S1) and RM0.485 (S2).

Source: Rakuten Research - 5 Sept 2023

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