KUALA LUMPUR (July 7): AllianceDBS Research said AirAsia Group Bhd (AirAsia) had on July 6 traded lower to 89 sen before closing at 89.5 sen (down 0.5 sen or 0.55%).

In its evening edition July 6, the research house said AirAsia continued to trade above 20-day (blue) and 50-day (red) moving average lines.

It said following the down close on July 6, the stock is likely to move lower with immediate support at 89 sen.

“A fall below 89 sen should see further price decline to the subsequent support zone, 87.5 sen – 88 sen.

“The hurdle is pegged at 97.5 sen. A rise above 97.5 sen would see the stock gearing towards the next resistance zone, RM1.08 – RM1.10,” it said.

AllianceDBS Research said stock volume traded on July 6 was 17.3 million shares compared to the 3-month average volume of 61.9 million shares.