Immediate support for AirAsia at RM3.20, says AllianceDBS Research

Immediate support for AirAsia at RM3.20, says AllianceDBS Research

Immediate support for AirAsia at RM3.20, says AllianceDBS Research

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KUALA LUMPUR (June 13): AllianceDBS Research said AirAsia Bhd (AirAsia) had on June 9 traded lower to RM3.28 before closing off the day’s low at RM3.32 (down 2 sen or 0.59%).

In its evening edition last Friday, the research house said AirAsia continued to trade above the 20-day and 50-day moving average lines in the last 6 days.

“Given the recent share price behaviour, the stock is likely to move between RM3.20 and RM3.41 in the coming few days.

“A crossover of RM3.41 should see further price rise to the next overhead resistance zone, RM3.55 – RM3.60.

“However, a fall below RM3.20 would put pressure on the stock down to the subsequent support at RM3.08,” it said.

AllianceDBS Research said stock volume traded on June 9 was 6.84 million shares compared to the 3-month average volume of 15.4 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 a neutral zone.