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
to happen.
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.
Executive Summary,
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.....
________________________________________________________________________
Disclaimer
Investing in the stock market involves risks of loss. Past performance is not
an indicative guarantee of future performance. Any opinions, trading classes,
news, research, analysis, price target, or other information offered by Raymond
Sim, Greentrades, Greentrades Equity Research and the Greentrades Experience
is provided as general market commentary, which does not represent investment
advice of any kind. We are not associated with any investment banks in any way.
I am not a financial advisor. We may or may not have positions in some of these
investment instruments. We will not accept liability for any loss or damage, including
without limitation any loss of profit, which may arise directly or indirectly from use of
such information
Trade at your own risk. You are strongly encouraged to do your own research
before making any investment decision.
________________________________________________________________________
Greentrades have been constantly trading, mentioning, following
and FB livestreaming about Armada since 0.22.
Click here to get the latest stock market updates
Facebook : Greentrades
