Jun 24, 2014

KNM Chart – Look for range bound breakout

KNM Group Bhd (stock code 7164)  RM0.865.

knm_chart above: KNM Daily Chart (click to enlarge)

Chart wise:
KNM’s candle managed to post a positive candle for the week and this helped to mitigate the waning indicators earlier and allowing the indicators to remain above their respective upper limit lines. Overall, the positive outlook is preserved for now with the indicators are still showing strength.

However, the recent high of RM0.935 remains a formidable level to breach and unless that is breached convincingly, the range bound trend looks to sustain and place the index on a base building mode. On the uptrend, the other resistance is at RM0.935, while there should be strong support at the RM0.80 level, its 50-day SMA

by Mercury Securities

KNM Group principally engaged in the design, manufacture and fabrication of a diverse range of equipment used in processing plants of the oil, gas and petrochemical industries.