In my previous post, I had a buy recommendation on Airasia and set a first target price at Fibonacci 50% level which is near RM3.00. It touched at RM2.960 and it did retrace. Unfortunately, it formed a Shooting Star after touching this level. A lot of traders when seeing this Shooting Star they start selling. As a result, Airasia was retraced quite heavily.
I think the selling pressure will end very soon. Besides that, Stochastic shows oversold signal already. So I will remain a Hold rating or average down if you think the coming quarterly report will be a big surprise.
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