AXIATA has been trending down since early February this year. The stock seems to be attracting some nibbling by investors recently near the RM6.40 (S1) support level, as it saw above-average trading volume over the week. Key momentum indicators have also starting to hook upwards, suggesting buying momentum is picking up. We advocate investors to keep a look out for the stock to break its downtrend, by staging a bullish breakout away from its 20-day SMA level of RM6.68. Shall this occur, it could pose as a quality blue chip on the cheap for investors to accumulate post its bash-down from RM7.27.
Source: Kenanga Research - 29 May 2015
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