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Bumi Armada on a steady recovery trend, says Rakuten

Rakuten Trade said Bumi Armada Bhd has been on a steady recovery trend after experiencing a gap down and hitting its year-to-date low of 41.5 sen in June 2023.

In a Technical View note on Monday, the research house said Bumi Armada broke out of its resistance of 55 sen with a high buying volume over the past four trading days.

Rakuten said Brent crude is currently hovering around US$94 (RM440.06) per barrel due to tight supplies.

“Fundamentally, BAB (Bumi Armada) has entered into a partnership to commercialise liquefied natural gas (LNG) from Indonesia’s Madura gas field.

“Its MA50 and MA20 lines are poised for a potential crossover thus share price is expected to propel higher.

“Resistance levels are identified at 56 sen (R1) and 57.5 sen (R2).
“On the flipside, support levels are pegged at 51 sen (S1) and 49 sen (S2),” it said.
Source: The Edge Malaysia

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