Astino Bhd (ASTINO, 7162)

• We believe the buying interest for ASTINO may have returned following a break-out from its 2-monthdownward channel pattern with a long white candle yesterday. Given the supportive technical readings in RSI coupled with the positive overlap of its 20-day EMA above the 50-day EMA, this bullish crossover has enhanced the near-term positive momentum.

• We expect the rising momentum is set to steer the stock higher and test the next level of resistanceof RM0.58 (R1) and RM0.605 (R2) in the near term.

• On the downside, stop-loss is set at RM0.49, below 3 Nov’s low.
  
  

Source: Rakuten Research - 5 Mar 2024

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