Bumi Armada Berhad (ARMADA, 5210)

• ARMADA rebounded from its one-week bullish flag pattern yesterday, with a white candlestick underscoring renewed buying interests. The stock’s closing above the 20-day EMA is a positive indicator, signalling that the prevailing uptrend remains intact. Furthermore, the 20-day EMA is maintaining its position above the 50-day EMA hence further reinforces the bullish sentiment in the near term.

• Thus, we expect the rising momentum to steer the stock higher and test the next resistance at RM0.685 (R1) followed by RM0.72 (R2) in the near term.

• On the downside, stop-loss is set at RM0.60.

Source: Rakuten Research - 17 Jan 2025

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