Bumi Armada is staging a strong uptrend after breaching the resistance level on improved volume yesterday. Premised with a “higher low” pattern formed above the 21-day SMA line, the renewed bullish momentum above MYR0.485 (resistance turned-support) level would propel the stock towards the next resistance of MYR0.54, followed by the MYR0.60 multi-year high. This expectation will be void if it drops below the MYR0.455 support level.

Source: RHB Securities Research - 15 Jun 2021