ASTRO’s share price was up by 11 sen (3.24%) yesterday on the back of rising trading volume. Chart-wise, the White Marubozu candlestick confirms that buyers dominated trading, and has caused the share price to break out of the medium -term resistance of RM3.40. There also appears to be a bullish crossover as the 20–day SMA has crossed over the 100–day and 50-day SMA. Key indicators are also looking good at this juncture as the MACD, Stochastisc and RSI are all ticking upwards. We are comfortable with the RSI hovering at Overbought level as this appears to be a norm for the stock. Should the bullish momentum persist, we expect share price to push towards RM3.68 (R1).

 

 

Source: Kenanga