Friday, February 7th, 2025

Karex Poised for Breakout as Bullish Momentum Builds

Date: September 23, 2024
Broker: CGS International Securities Malaysia Sdn. Bhd.


Company Overview

Karex Berhad is a Malaysian company primarily engaged in the manufacturing of condoms, lubricating jelly, and other medical devices such as catheters and probe covers.


Technical Analysis and Stock Performance

  • Stock Code: 5247
  • Last Price (as of September 23, 2024): RM0.865
  • Entry Price Range: RM0.83 – RM0.865
  • Support Levels:
    • Support 1: RM0.78
    • Support 2: RM0.715
  • Resistance Levels:
    • Resistance 1: RM0.895
    • Resistance 2: RM0.96
  • Target Price: RM0.895, RM0.96
  • Stop Loss Level: RM0.775

After moving sideways for five months following a 52-week high, Karex saw a long white candle break out above its consolidation trend on September 23, 2024. This breakout was supported by increased trading volume. The stock’s 20-day EMA crossed above its 50-day EMA in a golden cross, further enhancing the bullish outlook.

The MACD and RSI indicators have turned upward, indicating that bullish momentum is picking up once again.


Investment Strategy

With the recent breakout and bullish technical indicators, Karex offers a promising buying opportunity. Aggressive traders are advised to go long, with a stop-loss set at RM0.775, just below the 200-day EMA. On the upside, the stock may test its previous high at RM0.895, with potential further gains reaching the Fibonacci target of RM0.96.

Alibaba’s Strategic Partnerships and Valuation Recovery Signal New Growth Chapter

Date of Report: October 28, 2024Broker: UOB Kay Hian Private Limited Market Sentiment and Growth Outlook for Alibaba Investor sentiment around Alibaba is increasingly positive, driven by improving regulatory conditions and optimism in China’s...

China’s December PMI: Manufacturing Stabilizes, Services Surge – Economic Recovery Gains Momentum

China PMI Analysis – December 2024 Insights and Economic Trends China’s December PMI: A Comprehensive Analysis of Economic Trends Broker: UOB Kay Hian Date of Report: Thursday, 2 January 2025 Overview of December PMI...

WHA Corporation: Strong Land Pre-Sales Driven by Data Center Growth

WHA Corporation: Capitalizing on Data Center Demand and Strong Land Pre-Sales UOB Kay HianOctober 10, 2024 WHA Corporation (WHA TB), a leading industrial property developer in Thailand, is experiencing strong momentum in land pre-sales,...