Formosa Prosonic Industries is eyeing a fresh leg towards the upside after undergoing a bullish breakout. Last Friday, the counter climbed above the MYR3.10 resistance to close at the 1- year high. The latest price action confirms that the bulls have the technical advantage now. The bullish momentum should propel the counter towards MYR3.25, followed by MYR3.45. Towards the downside, breaching below the MYR3 support would lead to the kick-off of a correction phase.

Source: RHB Securities Research - 11 Mar 2024