KUALA LUMPUR (Aug 8): AllianceDBS Research said the immediate hurdle for AirAsia Bhd (AirAsia) is at RM3.02 and that AirAsia had on Aug 5 tested the immediate hurdle of RM3.02 before closing off the day’s high at RM2.97 (up 2 sen or 0.67%).

AllianceDBS Research in its evening edition last Friday said AirAsia continued to trade above the 20-day and 50-day moving average lines.

“Following the up close on Aug 5, the stock is likely to move higher again with immediate hurdle seen at RM3.02.

“A crossover of RM3.02 should see further price rise to the next overhead resistance at RM3.22.

“The support is pegged at RM2.92. A fall below RM2.92 would put pressure on the stock down to the subsequent support zone, RM2.80 – RM2.85,” it said.

AllianceDBS Research said stock volume traded on Aug 5 was 12.5 million shares compared to the 3-month average volume of 27.0 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.