Astro: Another Counter to Watch

See my previous comments on this Astro stock. RSI-14 days is just near the overbought area.

Astro Daily Chart

Anyway if price can overcome and open RM3.60 price support with heavy volume, the price seems to continue higher upward. The daily chart as per enclosed and weekly chart showing that the upward price is support with increasing volume which make me more confident on this counter to trade. Meaning that this week I already have spot counters to carry some good trade. I will update soon or later to put some updating on my trades. Enjoy and continue this reading. Have a good trade tomorrow!

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Astro Stock Price Update

Remember the last I posted on this counter? False breakout on the Astro happened. The Astro price already broke the down trendline but still not my triggered buy! I am lucky not take the trade yet... Anyway, the price already bounce at the RM3.10 and go up RM3.40. Miss the trade to me is okay but don't miss the lesson. I'll try my best to learn as much as possible. Currently, the price is near the down trendline resistance and the RSI also showing near 60 which need time to open new opportunity. Here I enclosed the price trending Astro for you to review.

Astro Daily Chart

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Bullish Eyes on Astro Counter?

Astro Daily Chart

Overlook Astro below 200MA and still in downtrend mode. On last Friday, breakout based on the downtrend line happened as picture above with average 5-days volume high then price closed at 4.16. The price may retest a few times around the trendline. Candlesticks showing bullish patterns. Technical indicator RSI >70 Astro in overbought area which seems that Astro may do correction in very short-term period.

This counter looks very interesting when my analysis showing some contradict. Dowtrend line already broken with 5-day average volume high. Trading rules for trendline entry method already fulfilled when today 8/10/2007 Astro opened at 4.16. The red horizontal (4.15) and vertical line showing how to make an entry. If price open above the horizontal line, the entry is there. While my counts based on Elliot Wave Theory and Fibonacci Expansion line, overall Astro in downtrend which still in count no 4 and waiting count no 5 for the end.

My instinct said that downtrend is still ongoing on Astro and I will not trade this counter. Sometimes you must believe your instinct which will guide you to make decisions.

Day after this I will show you how to trade using trendlines, Elliot Wave Theory and some explanation about Fibonacci. The basic material to show you is still in progress.

Anyway, happy learning and happy trading!

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