KNM faced immense selling pressure after releasing its 3QFY11 financial results which showed a net loss of RM116m. Yesterday’s price action resulted in the violation of the major lower support level of RM1.28. Unless the price stabilizes in the vicinity of the RM1.28 level, it may retrace further in the near future after violating this critical support level. The next strong support level, though not as crucial as the RM1.28 level, could be seen at RM0.85.
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