Bumi Armada tested the resistance level marked at MYR0.365 with higher trading volume. Observe that the stock has climbed above the 21-day SMA line, indicating a possible resumption of an uptrend. If the breakout is successful, we think the bullish momentum will grow and see the stock travel higher towards the next resistance level at MYR0.385, followed by MYR0.41. Meanwhile, a downward breach of the MYR0.335 support will negate this expectation.

Source: RHB Securities Research - 9 Feb 2021