(May 24): Shares of Axiata Group, which are down about 19 pct so far this week, could see further declines, technical charts suggest

** Stock's 50-day exponential moving average (EMA) cut below its 200-day EMA, a bearish sign

** Trend intensity indicator has made higher lows and is rising, suggesting a strong downtrend

** A low level TI indicator in the 10s suggests a sideways market until a series of higher lows form and signal the potential formation of a new trend

** MACD is negative and below the signal line

** This week, the company posted a quarterly loss of RM147.7 mln ($37.10 mln) for the March quarter, against a net profit of RM239 mln a year ago ($1 = 3.9810 ringgit)