Karex shot up with a higher trading volume as it attempted to break out from the sideways zone. The stock has been moving sideways since September, with immediate resistance spotted at MYR0.95. A successful breakout from the resistance will see the stock trading higher to retest the prior high of MYR0.99 – this is followed by the MYR1.10 level. A downside breach of the MYR0.84 support will negate this expectation and should see a stock price correction.

Source: RHB Securities Research - 7 Dec 2020