KUALA LUMPUR (May 27): AllianceDBS Research said the immediate support for AirAsia X Bhd (AAX) was at 38 sen and that AAX had on May 26 tested previous day’s low of 38 sen before closing at 39 sen (up half a sen or 1.29%).

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

“Given the recent price action, the stock is likely to move between 38 sen and 41.5 sen in the coming few days.

“A fall below 38 sen should see further price decline to the subsequent support zone, 34 sen – 36 sen.

“However, a rise above 41.5 sen would lift the stock to the next resistance at 43 sen – 45 sen,” it said.

AllianceDBS Research said stock volume traded on May 26 was 39.9 million shares compared to the 3-month average volume of 58.5 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.