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Air Asia retesting the 3.1 resistance

Written By Edwin Toh on Saturday, 29 September 2012 | 9:04:00 am

There was a double bottom formed when it rebound on the previous lower low at 2.8 and went back up after many session of profit taking. Currently it is retesting the 3.1 resistance and will it falter again when it reaches to 3.1...


Let check the Stock Analysis Chart for Air Asia on 28 September 2012






Indicators
1 ) Trendline -Broke above the small downtrendline and went sideline (Slightly Bullish)
 2)  Support/Resistance - formed Lower Low ( Bearish)
3) MACD -Bullish Crossover( Bullish)
4) RSI - Broke above 30% Bullish)
 5) STO - Broke above  20% and small bullish crossover  Bullish)
6) Ichimoku -  a) Below support cloud (Bearish ).
                       b) Conversion line below the base line (Bearish ).
                       c) Price below the baseline ( Bearish )
7) Candlestick - Formed a weak shooting star.. ( Slightly Bearish )
8) Volume - Big Selling Pressure at the last minute

 


Conclusion:
Bearish  -
Safe Investment - Break above 3.1

Next Resistance at 3.1 / 3.2/ 3.28/ 3.34 /3.48 / 3.54
Support at 2.88/ 2.8 / 2.75 / 2.68

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