Shares of Bumi Armada, which have lost about 4 per cent over the past week, look set for further declines, technical charts suggest.
This week, the stock slipped below its 50-day Exponential Moving Average, having formed a Black Marubozu, a strong bearish candlestick pattern.
The price fall has been accompanied by a surge in volume this week, with its 5-day average volume up 36 per cent over its 30-day average, as on Tuesday.
The Moving Average Convergence Divergence is below the signal line and approaching zero. The stock has shed more than 2 per cent over the past month, in a flat broader market.
A Black Marubozu forms when the opening price of a stock is equal to the high of the day while the closing price is equal to the day's low. -- Reuters
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Mat Cendana
You've gotten this 100% correct! It went down sharply today (Friday).
2012-04-27 11:59