KUALA LUMPUR (Aug 30): AllianceDBS Research said the immediate support for AirAsia Bhd (AirAsia) was at RM2.80 and that AirAsia had on Aug 29 traded within previous day’s range to form an inside day bar before closing near the day’s high at RM2.99 (up 6 sen or 2.04%).

In its evening edition yesterday, the research house said AirAsia continued to trade between the 20-day and 50-day moving average lines in the last 3 days.

“The inside day bar indicated a breather in the game play.

“Given the recent price action, the stock is likely to move between RM2.80 and RM3.16 in the coming few days.

“A fall below RM2.80 should see further price decline to the subsequent support zone, RM2.50 – RM2.63.

“However, a rise above RM3.16 would lift the stock to the next resistance at RM3.30,” it said.

AllianceDBS Research said stock volume traded on Aug 29 was 12.5 million shares compared to the 3-month average volume of 24.0 million shares.

The research house 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 a neutral zone.