AIRASIA (Not Rated). AIRASIA saw its share price rallying 9.0 sen (3.0%) yesterday to RM3.13. Trading volume rose to 17.2m shares, triple the day before. Chart-wise, AIRASIA’s share price has been on a healthy uptrend since January, having gained from a low of RM2.16 to as high as RM3.16 earlier this month. More recently these past two weeks, the share price consolidated back to its short and medium term trend line at RM3.00 where it found buying support. Nevertheless, the share price broke out of its consolidation mode yesterday, which signals that AIRASIA is poised to start the next leg of its upwards climb. From here, expect a swift retest of its RM3.16 (R1) soon. Should this level be taken out next, further gains would then be expected towards RM3.30 (R2) next. Downside support levels are RM3.00 (S1), and RM2.77 (S2) further below.

PTRANS (Not Rated). PTRANS saw its share price surging 2.0 sen (8.3%) yesterday to a closing high of RM0.26. Until recently, the share price had been stuck within sideways between RM0.15-RM0.18 for almost half a year. Nevertheless, strong buying interest at the start of last month drove the share price to break out of this tight range, with a subsequent climb to as high as RM0.27 within just a month. The share price had since pulled back towards RM0.23 last week. Consequent to yesterday’s bullish move, PTRANS has broken out of its downwards consolidation phase, while the RSI indicator has also hooked up into bullish territory. From here, expect the share price to retest its recent RM0.27 (R1) high, before moving higher towards RM0.285 (R2) next. RM0.23 (S1) should offer strong support, although a break below would be highly negative with next support only present at RM0.21 (S2)

Source: Kenanga Research - 19 Apr 2017