Wednesday, October 15, 2008

KNM. What Happen To This Counter ?

What really happen to KNM ? I was so surprised when this counter went down so much today. On Monday I brought 10,000 shares of KNM at RM 0.98 and today I have to cut loss at RM 0.875. My Tuesday profit wipes out more than half. As I had mention in my previously article that not ever counter that you brought on Monday can make contra profit. You would be lucky if you can make some of it.

Today the share market sentiments were being dragged by KNM. In the afternoon session the KL Composite Index drop -16.13 points to close at 949.93 points and KNM counter drop RM -0.145 to close at RM 0.76 (-16.02 %).

Kinsteel and Perwaja were breaking new lows, a new low that couldn't be trace. It keeps on falling and falling to a level I can hardly believe.

Usually when a counter face some panic selling, I would consider an opportunity arrive but how far KNM will go down ? I'm still monitoring it. I got a bit scared this morning by KNM selling. From the charts reading the counter are now entering to highly oversold position.

If we take a look at the trendlines, the trendlines still supporting very well at this moment (that was the afternoon market closing). But I would prefer it to break the trendline and then I would consider the next step. I have to wait and watch until the closing price for today then I will make some judgement on this counter.

2 comments:

alexlee said...

Market is still uncertainty. It will fluctuate for the next few days. There is still no buying signal yet. Please be patient...

LCS said...

It is rumoured that KNM has problems releasing its financial statements. It is a pity because KNM is one of the top 5 oil&gas engineering companies of the world. The velocity of the selling today indicates that it will go down lower. God bless