KUALA LUMPUR (Oct 26): RHB Retail Research said Formosa Prosonic Industries Bhd is resuming an upwards trajectory after breaking past the RM3.06 resistance on strong volume.
In a trading stocks note on Wednesday (Oct 26), the research house said that for the past one month, the stock has been undergoing a correction, trending below the 21-day simple moving average line.
It said the latest breakout shows the stock has completed the correction phase and is slated to move higher.
“The bulls are eyeing to test the next resistance pegged at RM3.20, followed by RM3.40.
“Meanwhile, breaching below the RM2.92 support will signal that the bears have regained control and a negative price action may follow through,” it said.
Source: TheEdge - 27 Oct 2022
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Created by edgeinvest | Mar 28, 2024
Created by edgeinvest | Mar 28, 2024