Nov 17, 2011

Technical Buy – BUMI ARMADA

Bumi Armada stock code 5210  RM3.99

bumi armada 
Chart wise (based on technical analysis)

Bumi Armada’s candles have largely been on the downtrend since its’ re-listing and appeared to have bottomed out at RM3.24. It rebounded from the base and is currently recovering.  Its daily RSI is surging ahead accompanied by slightly bullish MACD and stochastic. It had also broken through its RM3.90 resistance, which currently acts as its immediate support level.  The next price objective as well as resistance is at RM4.10. Its short term moving averages are rising again after being flattish for a while. As Bumi Armada’s had broken out of the down trending channel, we are taking a buy position on the stock. 

by Mercury Securities