Journey to Wealth
Highlights/Stock Pick of the Day- Astral Supreme Berhad
Following our previous technical report on Astral Supreme (ASUP) dated 10th Aug, the share price went on to rally from RM0.305 to a high of RM0.445 seen last week. It subsequently formed a series of bearish reversal candlesticks thereafter before retracing its earlier gains in the month to close at RM0.33 yesterday. Though the share price has declined 25% off its high of last week, the medium term uptrend remains intact despite the sharp selloff. We reckon that the share price may still be subjected to profit takings although bargain hunting could emerge at the RM0.29-RM0.32 levels, just above the trend line. Traders who had previously missed the boat could use the current weakness in the share price to jump aboard given the still elevated volumes seen.
On the weekly chart, ASUP's share price is currently at the 38.2% Fibonacci Retracement Level (FRTL). Should this level be overcome, the next level to look at will be RM0.30, the 50% FRTL. The medium term uptrend remains intact and the oscillators are supportive of this view. Hence, we view the recent downward moves as just a correction within an overall uptrend.
Source: Kenanga
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