KUALA LUMPUR (March 8): OSK Retail Research said for Bumi Armada, the RM4.20 proved to be a hard level to break as three previous attempts since its IPO failed to crack this level convincingly.
“Nonetheless, there was an upward bias since September 2011 and the tough resistance level was finally broken yesterday. Thus, we can now expect the stock to trade higher,” it said on Thursday.
OSK Research said Bumi Armada’s two-month sideways consolidation is likely over after the stock closed above the resistance level of RM4.20 on Wednesday.
“Nonetheless, there was an upward bias since September 2011 and the tough resistance level was finally broken yesterday. Thus, we can now expect the stock to trade higher,” it said on Thursday.
OSK Research said Bumi Armada’s two-month sideways consolidation is likely over after the stock closed above the resistance level of RM4.20 on Wednesday.
