ARMADA trade ideas
Bumi Armada - short-term bounceMYX:ARMADA Armada is pretty much a directional momentum play heavily influenced by oil price movement and severity of recession caused by prolonged Covid pandemic. A near 80% fall from high of 0.54 to 0.115 places it into attractive bargain-hunting territory. I predict a 30% rebound back to 0.308 retracement level if it breaks the immediate resistance around 0.245. The overall bear market is still hanging over any potential recovery.
ARMADA, Consolidation at High 23.6% Fibonacci LevelBias: Cautious Bullish . After touching high of 0.550, price dropped and the correction stalled around the 23.6% fibonacci level. #pullback
Stop-loss: 0.445
// Green MA and 23.6% fibonacci retracement.
1st target: 0.550
// Previous high as resistance.
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Time for ARMADA To Enter Into Markup Phase?MYX:5210
Supply has been exhausted.
Potentially in phase D sign of strength (SOS) rally.
A breakout above 0.285 followed by a backup action could provide a good entry.
The last reaction has supply absorption characteristics.
The cause built from Dec 2018 till Sep 2019 could make ARMADA a good long term campaign.
Pay attention if it turns out to be an up thrust rather than a breakout with a stop below 0.24.