Friday 29 Mar 2024
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KUALA LUMPUR (June 29): AllianceDBS Research said the immediate support for for Bumi Armada Bhd (Armada) was at 65 sen and that Armada had on June 28 traded higher to 70.5 sen before closing at 70 sen (up 2 sen or 2.91%).

In its evening edition yesterday, the research house said Armada continued to trade below the 20-day and 50-day moving average lines.

“Given the recent share price behaviour, the stock is likely to move between 65 sen and 72 sen in the coming few days.

“A crossover of 72 sen should see further price rise to the next overhead resistance zone, 76.5 sen – 78 sen.

“However, a fall below 65 sen would put pressure on the stock down to the subsequent support at 60 sen,” it said.

AllianceDBS Research said stock volume traded on June 28 was 14.9 million shares compared to the 3-month average volume of 29.8 million shares.

The research house said that indicators wise, the MACD was marginally below the 9-day moving average line with the sell signal remains intact.

It said the relative strength index indicated that the stock was currently in a neutral zone.

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