Karex is attempting to stage a bullish breakout after testing the immediate resistance level with a white candlestick. The counter was seen moving sideways below the MYR0.94 resistance level. It has climbed above the 21-day SMA line, showing that bullish momentum is gaining traction again. If it breaks past the MYR0.94 resistance, we expect follow-through price action to lift it towards MYR0.98, followed by MYR1.03. A fall below the MYR0.885 support level would kickstart a correction.

Source: RHB Securities Research - 16 Jan 2025