Karex has staged a bullish breakout and is eyeing to extend the upside movement. Since September, the stock has been consolidating sideways below the MYR0.61 resistance. The latest breakout confirms that the consolidation is over and strong momentum has emerged. If the positive price action follows through, the counter will test the next resistance at MYR0.68, followed by the MYR0.72 mark. On the downside, breaching the MYR0.575 support resumes the correction phase.

Source: RHB Securities Research - 15 Nov 2023