AIRASIA, one of the budget airlines, is hit by global pandemic as any other airline industries.
However, AIRASIA is believed has found its bottom base as the price hits its multiple years of strong support level of around RM0.5, which occur over the years on 2008, 2015 and 2020.. From this base, AIRASIA stock has indeed shown strong reversal impulse uptrend movements, and hit RM0.84 before taking a pause. This is the wave 1 formation of Elliott wave study.
At this moment, the price is still in wave 2 formation. Today morning price spike is just a technical rebound as part of wave b on wave 2 formation. The wave B can possibly reach RM0.785 before it will continue its wave c downtrend formation to end around RM0.635, and complete wave 2.
It is not the right time to long yet.
Happy Trading.
However, AIRASIA is believed has found its bottom base as the price hits its multiple years of strong support level of around RM0.5, which occur over the years on 2008, 2015 and 2020.. From this base, AIRASIA stock has indeed shown strong reversal impulse uptrend movements, and hit RM0.84 before taking a pause. This is the wave 1 formation of Elliott wave study.
At this moment, the price is still in wave 2 formation. Today morning price spike is just a technical rebound as part of wave b on wave 2 formation. The wave B can possibly reach RM0.785 before it will continue its wave c downtrend formation to end around RM0.635, and complete wave 2.
It is not the right time to long yet.
Happy Trading.