Immediate support for Bumi Armada at RM1.23, says AllianceDBS Research

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KUALA LUMPUR (May 26): AllianceDBS Research said the immediate support for Bumi Armada Bhd at RM1.23 and said Bumi Armada had on May 25 traded marginally lower to RM1.23 before closing near the day’s low at RM1.24 (down 1 sen or 0.80%).

In its evening edition yesterday, the research house said Bumi Armada continued to stay above the 20-day and 50-day moving average lines since April 15.

AllianceDBS Research said given the recent share price actions, the stock is expected to move between RM1.23 and RM1.30 in the coming few days.

“A fall below RM1.23 should see further price decline to the subsequent support zone, RM1.15 – RM1.18.

“However, a rise above RM1.30 would lift the stock to the next resistance at RM1.40,” it said.

The research house said stock volume traded on May 25 was 6.13 million shares compared to the 3-month average volume of 13.4 million shares.

It said that indicator wise, the MACD was below the 9-day moving average line.