Formosa Prosonic may trend higher, says RHB Retail Research

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KUALA LUMPUR (Aug 21): RHB Retail Research said Formosa Prosonic Industries Bhd may trend higher after surpassing the RM1.22 level and closed at a new 52-week high in its latest session.

In a trading stocks note today, the research house said a bullish bias may be present above this point with a target price of RM1.35, followed by RM1.50.

“The stock may turn sideways if it dips back below the RM1.22 mark in the near term.

“Support may be found at RM1.09, where traders can set a stoploss level,” it said.