Bumi Armada Bhd

• Share price closed 2.75% higher at RM0.56 on last Friday.

• ARMADA has been on a steady recovery trend after experiencing a gap down and hitting its YTD low of RM0.415 in Jun-23. It broke out of its resistance of RM0.55 with high buying volume over the past 4 trading days. Brent crude is currently hovering around US$94/barrel due to tight supplies. Fundamentally, ARMADA has entered into a partnership to commercialize liquefied natural gas (LNG) from Indonesia's Madura gas field. Its MA50 and MA20 lines are poised for a potential crossover thus share price is expected to propel higher.

• Resistance level are identified at RM0.56 (R1) and RM0.575 (R2).

• On the flipside, support levels are pegged at RM0.51 (S1) and RM0.49 (S2).

Source: Rakuten Research - 18 Sept 2023

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