KNM staging potential breakout from descending triangle pattern, says PublicInvest Research

KNM staging potential breakout from descending triangle pattern, says PublicInvest Research
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KUALA LUMPUR (July 22): PublicInvest Research said KNM Group Bhd is staging a potential breakout from its descending triangle pattern.

In a technicals note today, the research house said corresponding RSI and MACD indicators remain healthy while trending sideways, with anticipation of continuous improvement in both momentum and trend in the near term.

“Should resistance level of 24 sen be genuinely broken with renewed buying interest, it may continue to lift price higher to subsequent resistance levels of 25 sen and 27 sen.

“However, failure to hold on to support level of 21.5 sen may indicate weakness in the share price and hence, a cut-loss signal,” it said.