Bumi Armada is poised to move past the sideways consolidation phase of MYR0.43 as it bounced off the 21-day average line and closed at the immediate resistance level yesterday on strong volume. If it surpasses the consolidation phase in the coming sessions, the bulls are expected to drive the stock towards the MYR0.51 resistance, followed by MYR0.555. However, the momentum may decline if it falls below the MYR0.405 support, which is below the average line.
Source: RHB Securities Research - 13 Apr 2022
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Created by rhbinvest | Apr 25, 2024