AIRASIA was unchanged yesterday at RM2.64 as it continued on its consolidation phase, to settle just above its 100-day SMA level and its multi-month support level. Historical trend suggest that the share price may stage a rebound after it touches its multi-month strong support level. Key indicators are suggesting that the current level could be a good entry point for investors, as the Stochastic indicator is currently at its oversold region while the RSI is flattish near its oversold level. Should buying interest start to pile up, it will definitely set a rebound tone for the stock to potentially retest its previous high level of RM2.94 (which is our TP) in the mid-term.
Source: Kenanga
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