Immediate hurdle for AirAsia at RM1.45, says AllianceDBS Research

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KUALA LUMPUR (July 29): AllianceDBS Research said the immediate hurdle for AirAsia was at RM1.45 and said that AirAsia  had on July 28 traded lower to RM1.35 before closing near the day’s low at RM1.36 (down 4 sen or 2.85%).

In its evening edition yesterday, the reseach house said AirAsia continued to stay below the 20-day and 50-day moving average lines.

“Following the down close on July 28, the stock is likely to move between RM1.45 and RM1.33 in the coming few days.

“A crossover of RM1.45 should see further price rise to the next overhead resistance at RM1.55.

“However, a fall below RM1.33 would put pressure on the stock down to the subsequent support zone, RM1.23 – RM1.26,” it said.

AllianceDBS Research said stock volume traded on July 28 was 14.1 million shares compared to the 3-month average volume of 22.5 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 indicates that the stock was currently in the neutral zone.