Thursday, May 15, 2008

ASTRO Update (Symbol 5076)

ASTRO made a MACD Crossover on 22 Apr 08 and a trade was initiated on 23 Apr 08 with a buy stop order at RM3.46 and stop loss level of RM3.29.

This trade turned out to be a winner. ASTRO closed at RM3.82 on 14 May 08. That is a gain of about 10% within 15 trading days.

The price pattern made an inverted hammer yesterday. If the price goes below RM3.80 it will be suggesting weakness in the near term.

Both Stochastic and RSI indicator is reaching the top end which indicates that the stock may be reaching overbought condition soon.

MACD is still above its signal line so there is no sell signal from the MACD yet.

One approach will be to ride on the up trend and to take profit if the price falls below RM3.78.

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