Support Line

Astro Malaysia slipped into correction mode since peaking out temporarily at an all-time high of RM3.70 on June 12, last year. Apparently, the rising moving average convergence/divergence histogram suggests a steadier trend in the short term. Initial resistance is pegged at the 200-day simple moving average of RM3.14. A clear breakout of the descending line of RM3.24 would signal a bullish reversal. Current support is seen at the RM2.90 level. An additional floor is resting at the RM2.83 line.

PARKSON Holdings fell to a low of RM1.28 on July 21, the worst level since March 2006 before turning range-bound on bargain hunting interest offsetting selling. Based on the daily chart, it looks like prices had found the bottom and they are in the process of constructing a base for recovery.