KNM Group shares touched a low of 26 sen during intra-day session, the worst since May 2004 due to extended correction process. Apparently, the moving average convergence/divergence histogram retained the sell signal while the stochastic momentum index slipped nearer to the bearish territory. Given an uninspiring technical reading, prices may fluctuate within a range at best in the immediate term until a new development emerges. Resistance can be expected at the 50-day simple moving average (SMA) of 28.5 sen, followed by the 100-day SMA of 30.5 sen and the next, at the 200-day SMA of 34 sen. A crack of the 24 sen line will lead to a re-visit of the historical ebb of 19.5 sen, or lower.
SELANGOR Dredging jumped, pushing prices to as high as RM1.16 during intra-day trading, the best level in 32 months, in the wake of renewed buying interest. The spiked in the share prices has resulted in the oscillator per cent K crossing above the oscillator per cent D of the slow-stochastic momentum index to trigger a short-term buy at the neutral area and the moving average convergence/divergence histogram expanding sharply higher against the signal line to keep the bullish note. Combined with the upward thrust in the 14-day relative strength index, they suggest a steadier trend ahead. A push above the stiff resistance of RM1.20 will propel this stock up to the RM1.43-RM1.50 area. Initial support is seen at RM1.03, followed closely by the RM1 mark.
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