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CIMB Research has Technical Sell on KNM at RM1.76

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CIMB Research has Technical Sell on KNM at RM1.76 Empty CIMB Research has Technical Sell on KNM at RM1.76

Post by hlk Tue 19 Jul 2011, 11:55

KUALA LUMPUR: CIMB Research has a Technical Sell on KNM GROUP BHD [] at RM1.76 at which it is trading at a price to book value of 1.0 times.

It said on Tuesday, July 19 that the downtrend in KNM does not look complete just yet. As prices continue to trade below the moving averages, there is a good chance that more weakness is ahead.

“Indicators remain lacklustre as its MACD is stil trading below the zero mark and its RSI has hooked downwards again.

“Traders would likely do well selling on strength. Prices are likely to trade below the recent low of RM1.76, targeting RM1.68 and RM1.60 in the short to medium term. Resistance is seen around the RM1.83 and RM1.86 levels, where the latter is its 30-day SMA,” it said.
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