Bumi Armada is eyeing to extend the bullish trajectory after breaking past the resistance on strong volume. Yesterday, the counter charted a white candlestick and closed above the MYR0.56 resistance, confirming the bullish setup is in play. After the breakout, the stock should continue to climb towards the next resistance at MYR0.59, followed by the MYR0.63 level. On the other hand, a fall below the MYR0.53 support will negate the bullish setup.

Source: RHB Securities Research - 26 Nov 2024