Astro Malaysia Holdings Bhd (ASTRO, 6399)

• Share price closed 5.47% higher at RM0.675 on Tuesday.

• ASTRO has been on a long-term downtrend and trading below all its key moving average lines.Support is seen at RM0.61 as share price rebounded with decent buying interest over the past 3 trading days. Coupled with indicators showing uptick in momentum, the share price is expected to propel higher.

• Resistance levels are identified at RM0.675 (R1) and RM0.705 (R2).

• On the flipside, support levels are pegged at RM0.595 (R1) and RM0.575 (R2).

Source: Rakuten Research - 31 May 2023

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