KUALA LUMPUR (June 24): AllianceDBS Research said the immediate suppport for AirAsia Bhd was at RM2.50 and that Airasia had on June 23 traded higher to RM2.69 before closing at RM2.66 (up 2 sen or 0.75%).

In its evening edition yesterday, the research house said that Airasia 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 RM2.50 and RM2.73 in the coming few days.

“A fall below RM2.50 should see further decline to the subsequent support at RM2.30.

“However, a rise above RM2.73 would lift the stock to the next resistance zone, RM2.81 - RM2.85,” it said.

AllianceDBS Research said stock volume traded on June 23 was 27.6 million shares compared to the 3-month average volume of 35.7 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.