RHB Retail Research
Technical Analysis - Formosa Prosonic Industries
Formosa Prosonic Industries formed a long white candle, indicating that momentum of buying could be strong. This can be viewed as a continuation of the bulls extending the upside momentum from 16 Nov’s upside gap. A bullish bias may emerge above the MYR1.80 level, with an exit set below the MYR1.62 level. Towards the upside, the immediate resistance is at MYR2. This is followed by the MYR2.20 level.
Source: RHB Securities Research - 21 Nov 2018
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