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NewsKNM on downtrend, says AllianceDBS Research
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KNM on downtrend, says AllianceDBS Research
by Cals Sat 09 Jul 2016, 18:26
KNM on downtrend, says AllianceDBS Research
By theedgemarkets.com / theedgemarkets.com | July 8, 2016 : 7:59 AM MYTKUALA LUMPUR (July 8): AllianceDBS Research said KNM Group Bhd was on a downtrend and that KNM had on July 5 tested previous day’s high of 41 sen before closing unchanged at 40.5 sen.
In its evening edition Tuesday, the research house said KNM continued to trade below the 20-day and 50-day moving average lines.
“Given the way KNM carried itself over the past 7 days, the stock is likely to move between 40 sen and 43 sen in the coming few days.
“A crossover of 43 sen should see further price rise to the next overhead resistance at 45.5 sen.
“However, a fall below 40 sen would put pressure on the stock down to the subsequent support zone, 38 sen – 39 sen,” it said.
AllianceDBS Research said stock volume traded on July 5 was 7.46 million shares compared to the 3-month average volume of 16.3 million shares.
The research house said that indicators wise, the MACD was below the 9-day moving average line with the sell signal remains intact.
It said the relative strength index indicated that the stock was currently in a neutral zone.
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