• Over the medium-term, KNM is trapped in a descending triangle pattern. However, daily chart suggests that buyers may surface near the RM0.69 support trend line, and may offer opportunities to make some quick buck.
• Although technical landscape is still weak, we may see some technical rebound taking place soon. As long as RM0.69 support holds firm, we see limited downside risk in the near-term.
• Traders with greater risk appetite may start to nibble now and ride the potential recovery phase. However, a stop loss at RM0.68 is a must. Resistance is at RM0.745 and RM0.81.
KNM Group Berhad is an investment holding company. Through its subsidiaries, the company designs, manufactures, and maintains process equipment, pressure vessels, heat exchangers, skid mounted assemblies, process pipe systems, storage tanks, specialized structural assemblies and module assemblies for the oil, gas and petrochemical industries.
