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KNM Drop Below RM0.70 Support Line

KNM close at RM0.695 on yesterday and broken 1st support level at RM0.70. Now KNM is drop into oversold zone base on RSI. Since KNM announcements on 2Q2009 profit drop, the share price was drop from around RM0.90 to RM0.695 equal to -22.77% however since start the drop KNM had share buy back start at 24/08/2009 till now cumulative net outstanding treasury shares as at to-date (units) is 58,079,500 equal to 1.45%.

Same thing happen before in IOICorp and after a few week IOICorp bounds back strongly so will KNM do the same? For me I think likely KNM will bounds back to RM0.70 and move sideway untill 3Q09 announcements. Yesterday had brought some KNM share on RM0.695.


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