KUALA LUMPUR (May 29): AllianceDBS Research said KNM Group Bhd (KNM) had on May 28 tested previous day’s high of 20 sen before closing at 19.5 sen (up 0.5 sen or 2.63%).

In its evening edition May 28, the research house said KNM continued to trade above the 20-day (blue) and 50-day (red) moving average lines.

It said following the up close on May 28, the stock is likely to move higher with immediate hurdle at 20.5 sen.

“A crossover of 20.5 sen should see further price rise to the next overhead resistance zone, 22 sen – 22.5 sen.

“The support is pegged at 18 sen. A fall below 18 sen would put pressure on the stock down to the subsequent support at 16.5 sen,” it said.

AllianceDBS Research said stock volume traded on May 28 was 25.9 million shares compared to the 3-month average volume of 34.6 million shares.