KAREX BERHAD Stock Code: 5247
- KAREX gained 5 sen yesterday (5.88%), closing at RM0.900, backed by above-average trading volume.
- Chart-wise, the stock has been trading in a range between RM0.750 to RM0.850 for the past two weeks after a short rally in early June. Yesterday’s candlestick broke through its previous swing high resistance of RM0.850 which could signify a continuation of June’s rally.
- Momentum indicators continue to show meaningful upticks and the 20-day SMA has just crossed above the 50-day SMA yesterday for the first time since October 2017.
- From here, we expect the stock to face resistances at RM0.925 (R1) and RM0.995 (R2).
- On the other hand, supports can be identified at RM0.850 (S1) and RM0.750 (S2).
source: Kenanga Research – 04/07/2018
