AirAsia Group retreated after a sudden surge above the resistance price of RM2.06. With an RSI level above 60%, the uptrend momentum may resume if it breaks above the resistance price again in upcoming sessions. If this happens, its short-term target price will be RM2.15 followed by RM2.30. The support price is anticipated at RM1.90, whereby traders may exit on a breach to avoid the risk of a further correction.
Trading Call: Buy upon breakout above RM2.06
Target: RM2.15, RM2.30 (time frame: 3-6 weeks)
Source: AmInvest Research - 31 Jul 2019