AIRASIA was caught in a downward spiral which wiped off approximately 28% of its market value in barely two months. However, the share price appears to have found a bottom at the strong support level of RM2.18 (S2). The key indicators such as RSI and Stochastics have rebounded from oversold territory, and coupled with above-average daily trading volume, we reckon that the share price is poised for a technical rebound. As such, traders who are looking to buy into the stock may target RM2.56 (R2). Meanwhile, conservative investors may want to wait for the stock to consolidate towards RM2.30 (S1) before entering the stock.

Source:Kenanga