Friday 29 Mar 2024
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KUALA LUMPUR (June 10): Bumi Armada Bhd shares rose 2.44% in active trade following a positive outlook on the stock.

At 9.21am, Bumi Armada rose 0.5 sen to 21 sen with 9.16 million shares traded.

PublicInvest Research said Bumi Armada is attempting for another potential recovery from its consolidation.

In a trading ideas note today, the research house said improving RSI and MACD indicators currently signal reasonable entry level, with anticipation of continuous improvement in both momentum and trend in near term.

“Should resistance level of 21 sen be genuinely broken, it may continue to lift price higher to subsequent resistance levels of 23 sen and 24.5 sen.

“However, failure to hold on to support level of 19.5 sen may indicate weakness in the share price and hence, a cut-loss signal,” it said.

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