On 26 Sept 2013 and 17 Oct 2013 I have published two analysis reports on Airasia. I strongly suggested to buy in. Since then it has increased more than 12.5%.
The question now is can we buy at the current price or should we hold/sell for existing traders?
From my technical analysis, I notice Airasia has broken the uptrend tunnel. Thus, it will be very bullish. And it seems like it has broken the 61.8% Fibonacci line too. As a result, Airasia price should be and will be heading to 50% Fibonacci line very soon.
However, both RSI and Stochastic has shown overbought signal. Thus, it may retreat a little bit before heading up. Thus, I would suggest to buy on any correction.
First target price: RM3.00
Second target price RM3.12.
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