Immediate support for Astro at RM2.60, says AllianceDBS Research
14 Aug 2017, 06:25 am
main news image

KUALA LUMPUR (Aug 14): AllianceDBS Research said Astro Malaysia Holdings Bhd (Astro) had on Aug 11 traded lower to RM2.62 before rebounding to close at the day’s high of RM2.67 (up 1 sen or 0.37%).

In its evening edition last Friday, the research house said Astro continued to stay above the 20-day (blue) and 50-day (red) moving average lines.

“Following the up close on Aug 11, the stock is likely to move lower again with immediate support at RM2.60.

“A fall below RM2.60 should see further price decline to the subsequent support at RM2.54.

“The hurdle is pegged at RM2.67. A rise above RM2.67 would lift the stock to the next resistance zone, RM2.72 - RM2.76,” it said.

AllianceDBS Research said stock volume traded on Aug 11 was 1.20 million shares compared to the 3-month average volume of 1.94 million shares.

The research house said that indicators wise, the MACD was above the 9-day moving average line with the buy signal remains intact.

It said the relative strength index indicated that the stock was currently in a neutral zone.

Print
Text Size
Share