Formosa Prosonic poised for technical breakout, says RHB Retail Research

Formosa Prosonic poised for technical breakout, says RHB Retail Research
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KUALA LUMPUR (Oct 21): RHB Retail Research said Formosa Prosonic Industries Bhd is poised for a technical breakout, after it bounced off the 21-day average line.

In a trading stocks note on Thursday, the research house said the stock could hit the immediate resistance of RM4.33 on higher volume – thereby setting up a “higher low” bullish pattern.

“If a breakout occurs above this level, bullish momentum may follow through towards the RM4.54 resistance level, before entering uncharted territory to hit the higher resistance of RM4.70.

“If it falls beneath the RM4.05 support level, the momentum may dissipate,’ it said.