AirAsia X

SHARES of AirAsia X slipped into correction mode after peaking out temporarily at a 28-month high of 55 sen on May 22. The stochastic and the 14-day relative strength index appear ticking up from the bottom. Combined with the improving signal from the moving average convergence/divergence histogram rising towards the neutral line, prices may trade within a band, but with an upward bias. If there is a significant increase in the trading volumes, the momentum may pick up steam later. Initial resistance is seen at 45 sen and a breach of the next upper strong hurdle will propel this stock up to the 70 sen-73 sen area. A crack of the 35 sen concrete floor will have a negative impact on the outlook.