Formosa Prosonic Industries Bhd (9172)

• FPI rose 5.0% or 7 sen higher to RM1.47 yesterday.

• Chart-wise, recent trading activities saw a breakout above the RM1.40 level supported by rising trading volume and positive movement from key technical indicator. Share price is currently testing its 200-day moving average line at RM1.49 level and should the buying interest sustain and breakout above the 200-day line, we expect share price to trend higher.

• Resistance levels are identified at RM1.52 (R1) and RM1.60 (R2).

• Conversely, support levels are seen at RM1.35 (S1) and RM1.25 (S2).

Source: RHB Securities Research - 17 Aug 2020