KUALA LUMPUR (March 28): AllianceDBS Research said the buying volume for KNM Group Bhd was expanded, and that KNM had on March 25 crossed over the 50 sen hurdle to reach a high of 51 sen before closing at 49.5 sen (up 1.5 sen or 3.12%).

In its evening edition last Friday, the research house said KNM continued to trade above the 20-day and 50-day moving average lines.

“Following the up close on March 25, the stock is likely to move higher again with immediate hurdle remains at 50 sen.

“A crossover of 50 sen again should see further price rise to the next overhead resistance zone, 53 sen – 55 sen.

“The support is pegged at 49 sen. A fall below 49 sen would put pressure on the stock down to the subsequent support zone, 47 sen – 48 sen,” it said.

AllianceDBS Research said stock volume traded on March 25 was 51.7 million shares compared to the 3-month average volume of 13.7 million shares.

The research house said that indicators wise, the MACD was above the 9-day moving average line with the buy signal remains intact.

It said the relative strength index indicated that the stock was currently in an overbought zone.