Bumi Armada is poised for an upward rebound as it moved upwards to hit the immediate resistance of MYR0.445 yesterday. A bullish bias may emerge if it breaches that level, as the stock may then form a “higher high” bullish pattern. If that happens, it may continue to climb towards MYR0.485, followed by the next resistance of MYR0.52. However, the counter may move south if it falls below the MYR0.415 support, as it forms a “lower low” bearish pattern, below the 21-day average line.
Source: RHB Securities Research - 1 Jun 2022
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