We expect further upside for Formosa Prosonic Industries after it posted a white candle and hit a new 52-week high yesterday. As the stock also broke out of a 1-week bullish pennant pattern, it may see additional strength in the near term. A bullish bias may emerge above the RM3.07 level with stop-loss set at RM2.88, below the 50-day EMA. Towards the upside, near-term resistance level is seen at RM3.40, followed by RM3.60.

Entry : RM3.07–3.16

Target : RM3.40, RM3.60

Exit : RM2.88

Source: AmInvest Research - 19 Mar 2024