Astro may have a bullish breakout

Last week, Astro All Asia Network Plc ('Astro') won a ruling containing various awards amounting to US$230 million (about RM786.6 million) in restitution in its arbitration proceedings against a number of entities in the Lippo Group including the public-listed PT First Media. For more, go here.

Despite the favorable decision, the share price of Astro did not jump. The reason is the serious concern on how Astro can enforce the decision. However, it is interesting to note that Astro share price has now surpassed the third fan line of a Trend Fan drawn onto Astro chart. with this breakout, Astro may have turned bullish. Its immediate horizontal resistance is at RM4.20-25 & thereafter at RM4.60-65.


Chart: Astro's weekly chart as at Mar 1, 2010_3.00pm (Source: Quickcharts)