Bumi Armada is poised to extend its upside movement after breaking past the MYR0.51 immediate resistance level with strong volume. We noticed that the stock has reclaimed the 21- day SMA line and is moving upwards with increasing volume. A follow-through momentum should see the stock climbing towards MYR0.55, followed by MYR0.58. On the downside, a fall below the MYR0.48 support level would nullify our expectation.
Source: RHB Securities Research - 16 Jan 2023