Bumi Armada
As cited in RHB Retail Research’s technical analysis report (Jan 16), Bumi Armada is poised to extend its upside movement after breaking past the MYR0.51 immediate resistance level with
strong volume. We noticed that the stock has reclaimed the 21-day SMA line and is moving upwards with increasing volume. A follow-through momentum should see the stock climbing
towards MYR0.55, followed by MYR0.58. On the downside, a fall below the MYR0.48 support level would nullify our expectation.
PMB Technology
This counter is attempting to stage a bullish breakout, and is consolidating near the 21-day SMA line. We noticed that the stock has been consolidating sideways between MYR4.25 and
MYR3.93. If it breaks out from the consolidation zone, it may attract strong buying pressure to lift it towards MYR4.50, followed by MYR4.80. A breach below the support level of MYR3.93 would kick start the correction phase.
