KUALA LUMPUR (Feb 17): AllianceDBS Research said the immediate hurdle for AirAsia X Bhd (AAX) was at 25.5 sen and that AAX had on Feb 16 tested previous day’s high of 25 sen before closing at the day’s low of 24 sen (down 1 sen or 4.00%).

In its evening edition yesterday, the research house said AAX continued to trade above the 20-day and 50-day moving average lines since Jan 13.

It said given the recent share price behaviour, the stock is likely to move between 23 sen and 25.5 sen in the coming few days.

“A crossover of 25.5 sen should see further price rise to the next overhead resistance zone, 27 sen – 27.5 sen.

“However, a fall below 23 sen would put pressure on the stock down to the subsequent support zone, 20.5 sen – 22 sen,” it said.

AllianceDBS Research said stock volume traded on Feb 16 was 28.4 million shares compared to the 3-month average volume of 12.3 million shares.

The research house said that indicators wise, the MACD was marginally 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 a neutral zone.