Bumi Armada is eyeing to resume the upside, testing the immediate resistance with a white candlestick. The stock underwent a positive price action yesterday and closed above the 21-day SMA line – showing the bullish momentum is picking up speed again. If it breaks past the MYR0.67 resistance, a bullish bias will emerge. In this case, the momentum may propel it towards MYR0.72, followed by MYR0.77. By contrast, falling below the MYR0.62 support will set off the correction phase.

Source: RHB Securities Research - 17 Jan 2025