KUALA LUMPUR (Sept 28): Karex Bhd shares rose 2.03% in early trade today following a positive technical outlook on the stock.

At 9.05am, Karex added 1.5 sen to 75.5 sen with 529,200 shares traded.

PublicInvest Research said Karex is showing signs of recovery from its consolidation phase.

In a technicals note today, the research house said improving RSI and MACD indicators currently signal reasonable entry level, in anticipation of continuous improvement in both momentum and trend in near term to lift price higher to subsequent resistance level of 87 sen.

“However, failure to hold on to support level of 70 sen may indicate weakness in the share price and hence, a cut-loss signal,” it said.