KUALA LUMPUR (June 24): AllianceDBS Research said AirAsia Bhd was consolidating and that AirAsia had on June 23 traded higher to RM1.68 before closing unchanged at RM1.64.

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

“Following the unchanged close on June 23, the stock is expected to move between RM1.73 and RM1.53 in the coming few days.

“A crossover RM1.73 should see a further price rise to the next overhead resistance zone of RM1.83 - RM2.00,” it said.

AllianceDBS Research however said a fall below RM1.53 could send the stock down to the subsequent support at RM1.43.

It said stock volume traded on June 23 was 19.3 million shares compared to the 3-month average volume of 14.0 million shares.

AllianceDBS Research said that indicators wise, the MACD was below the 9-day moving average line with the sell signal remains intact.

It said the relative strength index indicated that the stock was currently in the oversold zone.