Formosa Prosonic Industries broke out from its 1-week bullish pennant pattern yesterday, implying that its previous uptrend may have resumed. With the 20-day EMA remaining above the 50-day EMA since the bullish crossover in early Nov22, the uptrend may continue in the near term. A bullish bias may emerge above the RM3.60 level, with a stop-loss set at RM3.36, below the 50-day EMA. Towards the upside, the near-term resistance level is seen at RM3.85, followed by RM4.00.

Entry : RM3.60–3.69

Target : RM3.85, RM4.00

Exit : RM3.36

Source: AmInvest Research - 15 Feb 2023