Formosa Prononic Industries consolidated and could touch the RM1.64 resistance level. With its RSI indicator pointing upwards, coupled with a bullish candle stick pattern, there is a good chance for a technical breakout towards the short-term target price of RM1.71, followed by RM1.74. The downside support is marked at RM1.57. Traders are advised to exit on a breach to avoid further losses.

Trading Call: Buy on breakout RM1.64

Target: RM1.71, RM1.74 (time frame: 2-4 weeks)

Exit: RM1.57

Source: AmInvest Research - 28 Oct 2020