KUALA LUMPUR (Aug 4): AllianceDBS Research said the immediate hurdle for AirAsia X Bhd (AAX) was seen at 41.5 sen and that AAX had on Aug 3 tested previous day’s high of 41 sen before closing at 40.5sen (up half a sen or 1.25%).

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

“Given the recent share price behaviour, the stock is likely to move between 39 sen and 41.5 sen in the coming few days.

“A crossover of 41.5 sen should see further price rise to the next overhead resistance at 46.5 sen.

“However, a fall below 39 sen would put pressure on the stock down to the subsequent support at 37.5 sen,”it said.

AllianceDBS Research said stock volume traded on 3 Aug 2016 was 24.0 million shares compared to the 3-month average volume of 37.1 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 indicated that the stock was currently in an overbought zone.