Share analysis
On the daily chart, Airasia share price traded in sideways
pattern or trend less. Nevertheless, rebound can be noticed on the RSI when it
reached previous low, buying interest start to
build up at market bottom. I
reckon that the price already close to bottom and short term technical rebound
is about to happen. Positive sign can be seen on the MACD indicator as the
valley turn to green from red. Failure to stay above Rm 2.50 level, will lead
the price to further correction.
Trading strategy
Since this counter is trendless, I would say that Airasia is
suitable for short and medium term investor play. Investor may initiate new position
around Rm 2.50 with a tight stop loss. Set a stop loss if it closed below Rm
2.45. Upside target will be at the first resistance level.
Price projection
Short term Resistance Rm 2.70 (50% Fibonacci retracement
level)
Support Rm 2.50 (Significant level of support)
Medium term Resistance Rm 3.00 (Previous peak and
psychological level)
Support Rm 2.50 (Significant level of support)
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