Bumi Armada staged a bullish breakout after breaching the MYR0.40 immediate resistance with strong volume. The stock charted a “higher high” bullish candlestick, showing that the bulls are in control now. If the momentum sustains, it should scale towards MYR0.44, followed by MYR0.46. On the flip side, a fall below the MYR0.38 support level indicates a bearish bias has emerged.
Source: RHB Securities Research - 30 Aug 2022
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