KUALA LUMPUR (Sept 8): AllianceDBS Research said the immediate support for AirAsia Bhd (Airasia) was at RM2.80 and that Airasia had on Sept 7 traded higher to RM2.93 before closing near the day’s high at RM2.92 (up 6 sen or 2.09%).

In its evening edition yesterday, the research house said Airasia continued to stay between the 20-day and 50-day moving average lines in the last 9 days.

“Given the recent share price behaviour, the stock is likely to move between RM2.80 and RM2.97 in the coming few days.

“A fall below RM2.80 should see further price decline to the subsequent support zone, RM2.55 – RM2.60.

“However, a rise above RM2.97 would lift the stock to the next resistance at RM3.08,” it said.

AllianceDBS Research said stock volume traded on Sept 7 was 16.5 million shares compared to the 3-month average volume of 21.5 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.