Karex Berhad (KAREX, 5247)

• Karex broke out of its bullish flag pattern yesterday with a strong white Marubozu candlestick. With the 20-day EMA holding firmly above the 50-day EMA coupled with a healthy RSI reading, we anticipate the stock may continue to trend higher, supported by strengthening upward traction.

• Thus, we expect the rising momentum to steer the stock higher and test the next resistance at RM0.95 (R1) followed by RM0.99 (R2) in the near term.

• On the downside, stop-loss is set at RM0.88.

Source: Rakuten Research - 15 Jan 2025

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