Axiata Group Bhd (AXIATA, 6888)

• Share price closed 1.04% lower at RM2.85 on Thursday.

• AXIATA has been on the rebounding trend from its 52 weeks bottom formed on 13 Oct. MACD is seen to be crossover soon indicating short term uptrend is intact. In view of both AXIATA and DIGI have gotten shareholders’ approval on the M&A, coupled with upticks in the indicator, share price is expected to trend higher.

• Resistance levels are identified at RM3.03 (R1) and RM3.12 (R2).

• On the flipside, support levels are pegged at RM2.72 (S1) and RM2.68 (S2).

Source: Rakuten Research - 21 Nov 2022