Formosa Prosonic Industries’ buying momentum may have returned after it rose above the 21-day SMA line. This upward momentum is likely to continue, given that it has posted a third consecutive white candle. A bullish bias may emerge above the MYR1.50 level, with an exit set below the MYR1.39 threshold. Towards the upside, the immediate resistance is at MYR1.64. This is followed by the MYR1.70 level.

Source: RHB Securities Research - 19 Oct 2018