AirAsia rebounded for the last 3 session. However, the bearish pattern formed by the 10 day, 20 day and 30 day moving averages is still intact.
The rebound can be viewed as a technical rebound and the fact that it is not able to clear it's 20 day and 30 day moving averages is a sign that the bears are still in control.
There is a high possibility that the price will test RM1.27 in the next few sessions. If this level is taken out, the next support is at RM1.22 level.
All bets are off if price moves above RM1.37.