Will Airasia (5099) break out from its ‘sideway box’soon?

Airasia is forming triple bottoms?

Airasia has been trading in a sideway range from RM 2.20 to RM2.62 since 12 November 2013 until now. On 2^nd September 2014, price has cross-overed its long term Resistance MA 200.Since then, its trend was turned to uptrend as shown after the MACD and Signal line cross-over (MACD value is positive).Plus, RSI and Price is showing bullish convergence, however its upside is limited by overbought condition as showed by (RSI>70).Last bar on 15^th sep 2014, up bar closing mid may mean supply coming in-sign of weakness. So, I may expect a small retracement and may retest its support MA200 before moving up again. Besides, Airasia is forming triple bottoms. Do watch out VERY VERY CLOSELY, the activity around the resistance line at around RM 2.62.If there is very high volume around this supply line, plus if the smart money expect a higher price, most likely they will be pushing up via supply or gap up to discourage the lock-in traders around the sideways area from selling as the lock in traders will start to see some profits after the resistance line broken. A high chance of real break-out! Then the next resistance will be around RM2.97.

Disclaimer: It is just for sharing and educational purposes, it is  not a buy call.The author will not be responsible for any loss incurred from this trade.The information being shared here might not be accurate and up-to-date.Do consult your remisiers or financial consultants before taking any actions.Invest at your own risk!!!TQ