Formosa Prosonic Industries rose higher to test the immediate resistance of MYR1.57. If it breaches the resistance level, it should breakout from the downtrend line. If this happens, a positive bias is likely to emerge and send the share price towards MYR1.64, followed by MYR1.70. A downside breach of the MYR1.49 support would negate this expectation, and the stock may fall back into a sideways consolidation mode.
Source: RHB Securities Research - 19 Oct 2020
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