After registering better operating performance, the stock of Air Asia X exploded higher. Is this going to be a one day wonder or the start of a sustained uptrend that will send the stock higher?
AirAsia X registers better operating performance in Q4 (The Star News )
An improvement in quarterly results can often be a good sign of a turnaround. I will leave the fundamental analysis to the experts of FA but I will analyze Air Asia X's share price from a technical point of view.
So I hope it will complement your own analysis.
Last year, when someone asked me to look at Air Asia X, I said that it was better to put their money in the mother share Air Asia compared to Air Asia X. The reason is the long term charts of Air Asia is better than its little kid.
Air Asia has made a new high but Air Asia X still has a long way to go to the former highs. I will do an analysis on Air Asia when I'm free.
The chart above is the daily chart of Air Asia X.
As you can see, the stock gap up above a daily ascending triangle pattern and shot up nicely to hit the initial target within one trading day. The heavy volume is something encouraging for the stock.
Whether it can continue to go higher will depend on whether it can stay above the resistance line I have drawn. If it can then the next target area for it is the 0.54 area which is the old highs.
The weekly chart above shows how Air Asia X is just meandering around. I don't want to comment on the long term prospects of this stock yet. Let's see if it can go up to 0.50 area first.
When and if it reaches there then we can see if it can break higher.
May 30, 22 07:20 AM
What is the market doing and what is it likely to do?
Apr 27, 22 09:01 AM
As we enter April, will we continue to move higher or will there be a correction coming?
Apr 13, 22 11:46 PM
Apple is one of those stocks that we should look at almost every day. The reasons is because it is a component of the Dow Jones, the S&P 500 and the Nasdaq.
Apr 12, 22 09:38 AM
Here are a list of stocks that are at their 50 MA and 200 MA. The 50 day moving average and 200 day moving average can be a support area where stocks bounce off
Apr 12, 22 09:34 AM
Here are a list of stocks that have broke out or about to break out. Breakout stocks can often give us a good reward to risk ratio.