RHB Retail Research
Technical Analysis - Formosa Prosonic Industries
Formosa Prosonic Industries’ upside move may persist after it continued holding above the rising 21-day SMA line. Yesterday’s candle can be viewed as a continuation of the bulls extending the upward momentum from 16 Nov’s upside gap. A bullish bias may emerge above the MYR1.77 level, with an exit set below the MYR1.62 level. Towards the upside, the immediate resistance is at MYR1.91. This is followed by the MYR2.00 level.
Source: RHB Securities Research - 6 Dec 2018
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