First, let's take a look at its chart.
Based on the chart of armada, after every fall, there seem to be a short term rebound play.
Conservative support levels would be at the RM0.29 level that would be relevant only for
2 days after the time of writing. This support is backed by the 50 day m.a, historical support
and oversold support.
The sharper the fall, the sharper the rebound
Second, let's take a look at what may have caused it to fall.
1) It would be normal profit taking activities from investors. As Armada went up from
20c to 50c in a short period of time, (+150%), it is normal for corrections like this
2) News regarding Armada's client ; Enquest evacuation for 100+ workers at a
"North Sea Platform" may have caused some panic selling in the market. Some may
been worried that Armada Kraken's operation is affected. However, the "North Sea
Platform is actually the Thistle Platform" and is not related to Armada Kraken.
Third, It actually rebounded off its 20 day m.a today and may resume a green rebound in
the early sessions of trading tomorrow.
There will be opportunities for trading a rebound play.
To some, it may be the end....
To some, it may be a reunion....
To some, it may just be the begining.....
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