Formosa Prosonic Industries rose from its RM4.26 support level. With its 21-day moving average indicator in an uptrend, coupled with a bullish white candlestick pattern, we see a possibility for a technical breakout. If this happens, we expect it to move towards the short-term target prices of RM4.48 and RM4.55. The downside support is projected at RM3.98. Traders are advised to exit on a breach to avoid further losses.

Trading Call: Buy near RM4.26

Target: RM4.48, RM4.55 (time frame: 2-4 weeks)

Exit: RM3.98

Source: AmInvest Research - 1 Nov 2021