Support Line

AIRASIA shares hit a near four-month high of RM1.47 during intra-day session amid continuous bargain-hunting nibbling. Based on the daily chart, prices had penetrated the uppermost 200-day simple moving average of RM1.45 for the first time in the past 12 months. Another major breakout of the relatively strong barrier of RM1.61 would further confirm prices are indeed on a new leg of uptrend, enroute to the RM2-RM2.02 band in the near term. Current support is pegged at the RM1.25 line and the RM1.20 mark will act as a crucial floor.

CREST Builder dropped to a low of 88.5 sen during intra-day trading, the worst since March 2013 amid extended correction process. Technically, the curving up sign on the stochatic offers a ray of hope of a relief rebound soon, but the upside potential is likely to be limited as other indicators are bearish. Initial support is anticipated at the 85-sen mark, of which a crack will probably drag prices lower to fill the 75.5 sen-77.5 sen minor gap, or to the 73.5-sen level. The near-term upside is capped at the uppermost 200-day simple moving average, now resting at RM1.04 and still falling.