Formosa Prosonic Industries is set to retest the historical high after it broke away from the immediate resistance of MYR2.82 on surging trading volume yesterday – forming a long white candle with a “higher high” pattern. The bullish momentum emerged above that level, and may drive the stock towards the next resistance of MYR3.00 before reaching its all-time high of MYR3.27. Meanwhile, if it drops below the MYR2.74 support, this expectation will be cancelled

Source: RHB Securities Research - 11 Aug 2021