AIRASIA (5099) AirAsia ascending triangle

After the climatic sell in early year 2018, AirAsia started to rally again in Oct 2018. The stock gained 67% and found resistance at RM3.00. Due to the discouraging quarter report on 27^th Feb, the stock gapped down on 28^th Feb with high volume. After the bounce in March 2019, the selling resumed and it found support at RM2.43.

On 30^th May, the stock gapped up with high volume after 20^th May quarter report that showed profit. However, the sellers were gaining control and the stock dropped to RM2.73. The RM3.00 resistance was tested again on 4^th July and the stock is testing the trend line again.
Is that a trading opportunity?
Unfortunately, No. It is also not a good trade for short term; the possible gain is less than 10%. Further monitoring is required. Trade safely. (Click here for full picture)


http://www.geraldkohstockcharts.com/2019/07/21/airasia-ascending-triangle/?utm_source=rss&utm_medium=rss&utm_campaign=airasia-ascending-triangle