Bumi Armada is preparing for an uptrend reversal as it bounced off strongly from its recent bottom to close positively last Friday – forming a “bullish Harami” candlestick pattern. If the positive momentum resumes and breaches above the MYR0.415 resistance level, an uptrend momentum could be established to inch the stock higher towards MYR0.44, then MYR0.45. Conversely, the current downtrend movement below the 21-day average line may resume if it falls below the MYR0.385 support – negating the “bullish Harami” candlestick pattern.
Source: RHB Securities Research - 17 May 2022
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