Formosa Prosonic Industries is set to propel higher, as it broke above the MYR3.66 immediate resistance with significant trading volume – printing a “higher high” bullish pattern. If the breakout sustains above that level, the bulls may drive towards the next resistance level of MYR4.14, followed by MYR4.47. Conversely, falling below the immediate support of MYR3.48 may trigger the resumption of a downward correction – below the 21-day average line.

Source: RHB Securities Research - 16 Feb 2022