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
Related Stocks
| Chart | Stock Name | Last | Change | Volume |
|---|
More articles on Journey to Wealth
Ekovest: No plan to launch another offer for Iskandar Waterfront City
Created by kiasutrader | Mar 29, 2018
Kenanga Research - On our Portfolio - Parliament dissolution around the corner?
Created by kiasutrader | Mar 25, 2013
Plantation Sector - Proposed accounting standard scrapped OVERWEIGHT
Created by kiasutrader | Mar 25, 2013
Pavilion Reit - Limited upside, earnings upside have been priced in HOLD
Created by kiasutrader | Mar 25, 2013
Discussions
Be the first to like this. Showing 0 of 0 comments
Post a Comment
Featured Posts
Introducing MY's First IPO Fund for Sophisticated Investors!
New Update. Discover investment communities that resonate with your ideas
M & A Value Partners IPO Equity Fund has been launched - Targeted 13% Return p.a
Latest Videos
Apps
Top Articles
2
3
4
save malaysia!
Visa-free travel to China extended for Malaysians to 30 days
5
6
Koon Yew Yin's Blog
CPO price is rising rapidly as shown by chart below - Koon Yew Yin
7
Axcapital's investment blog
KAB - Executing its way to a record quarter. Could more Petronas contracts be coming?
8
BFM Podcast
#
Stock
Score
Daily Stocks
Stock Name
Last
Change
Volume
Stock Name
Last
Change
Volume
Stock Name
Last
Change
Volume
Featured Advertisers / Partners
Ride The Bull Short The Bear
CS Tan
4.9 / 5.0
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
